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What is landlord insurance?

Being a landlord in Canada can be a rewarding experience: steady rental income, the potential for property value growth, and the chance to manage a small business. But let’s be honest—it also comes with its fair share of challenges. That’s when you need landlord insurance. Unlike homeowner’s insurance, landlord insurance is designed specifically for rental properties and covers things like tenant-caused damage, legal liability, and even lost rental income if your property becomes uninhabitable due to a covered event.

Whether you’re renting out a basement suite or managing a dozen apartments, landlord insurance is there to protect you when things don’t go as planned (and let’s face it, they rarely go exactly as planned in the world of property management).

What landlord insurance includes

Landlord insurance usually covers three main areas that matter most to you as a property owner:

Recommended add-ons for landlord insurance coverage

While the basics cover a lot, there are a few extras you might want to consider adding to your landlord insurance policy depending on your location and risk tolerance. Depending on the add-on it can help you cover more specific risks:

Common types of landlord insurance claims

If you’ve been a landlord for a while, you know that things can—and will—go wrong eventually. Here are some of the most common claims landlords deal with:

How much does landlord insurance cost?

The price of landlord insurance can vary quite a bit. It depends on your property, where it’s located, and how much coverage you need. On average, most Canadian landlords can expect to pay anywhere between $800 to $2,500 a year for their insurance. If your rental property is in a high-risk area—like a flood zone or a city with frequent storms—or if it’s a larger building with more than one unit, you’ll likely end up on the higher end of that range (or more).

But don’t let the price tag scare you off. Having proper coverage means that if something big happens, you won’t be left scrambling to cover the costs out of pocket.

How to get the cheapest landlord insurance rates

Let’s be honest: nobody wants to pay more than they have to for insurance. Here are some tips for keeping your premiums as low as possible while still getting the coverage you need:

Landlord insurance in Canada: what you need to know

Being a landlord isn’t always easy, but the right insurance can make a world of difference. Whether you're renting out a condo in Vancouver or a duplex in Halifax, landlord insurance is essential for protecting your property and your peace of mind.

The rental market in Canada has its challenges, and that’s where landlord insurance really steps up. Here’s why it’s so important:

Your questions about landlord insurance, answered:

 

Can I get landlord insurance for a short-term rental, like an Airbnb?

Yes, you can get landlord insurance for short-term rentals like Airbnb. However, it’s important to note that not all standard landlord insurance policies cover short-term rentals. You may need to look for a specific policy that includes coverage for short-term rental activities. Many insurance providers offer specialized short-term rental insurance to protect against the unique risks associated with hosting guests for brief stays.

What is landlord insurance, and how does it differ from homeowner’s insurance?

Landlord insurance is a type of insurance specifically designed for rental property owners. It covers risks associated with renting out a property, including property damage, liability claims, and loss of rental income. In contrast, homeowner’s insurance is intended for owner-occupied homes and typically covers personal belongings, personal liability, and damage to the home itself. The key difference lies in the fact that landlord insurance addresses the unique needs and risks of rental properties, while homeowner’s insurance focuses on protecting the homeowner's residence and personal property.

Do I need landlord insurance if my renters have tenant insurance?

Yes, you should still consider getting landlord insurance, even if your renters have tenant insurance. Tenant insurance primarily protects the tenant's personal belongings and provides liability coverage for them while living in the rental unit. However, it does not cover damages to the property itself or protect you, the landlord, from liability claims related to the property. Landlord insurance is essential for safeguarding your investment and protecting against potential risks that tenant insurance does not cover.

What’s the difference between tenant and landlord insurance?

Tenant insurance and landlord insurance serve different purposes:

  • Tenant Insurance: This type of insurance is designed for renters. It protects their personal belongings against theft, damage, or loss, and provides liability coverage for incidents that may occur within the rented space, such as accidental damage to the property or injuries to guests.
  • Landlord Insurance: This insurance is specifically for property owners who rent out their properties. It covers risks associated with the rental property, including property damage, liability claims, and loss of rental income if the property becomes uninhabitable. Landlord insurance is essential for protecting the landlord's financial investment and managing risks associated with renting out a property.