Compared to the average homeowner, landlords face a higher level of risk and need an insurance policy that will properly protect their investment from damage. If you are thinking about renting out a property that you own, knowing what insurance a landlord needs will help ensure that you are properly protecting your property. At Mountainview Insurance, we understand how important it is to have the right kind of insurance. That is why we offer a range of different home insurance policies, including rental property insurance or landlord insurance.
Landlord insurance is specifically designed to provide coverage to homeowners who are renting out their residential property (house, condo, or townhome). Purchasing a comprehensive insurance policy can help protect you from financial losses caused by property damaged due to a fire, break in, or severe weather.
While landlords are not required by law to purchase insurance, it is important to keep in mind that most mortgage lenders will require you to purchase insurance before the property can be rented out. In most cases, landlord insurance will cover:
When renting out your property, make sure to keep in mind that landlord insurance does not provide personal liability protection for tenants and their personal belongings. This means that you should strongly consider requiring tenants to purchase their own tenant insurance policy before signing a lease agreement.
If you would like to learn more about what insurance a landlord needs, or if you are interested in one of our home insurance policies, please contact Mountainview Insurance at 604-557-0255 or by filling out a contact form on the website.
We’re ready to understand your insurance needs and to work for you to get the coverage you need.