Rental property insurance for Alberta landlords and income properties
Rental properties carry different risks than owner-occupied homes. Alberta landlords may need coverage for the building, landlord-owned contents, detached structures, liability claims, tenant-related damage, rental income loss, vacancy exposures, water damage, hail, fire, theft, and repairs after an insured loss.
The right rental property insurance depends on the type of property, how it is rented, who lives there, whether the unit is vacant between tenants, and how much rental income the property generates. Westland helps Alberta landlords compare coverage options, understand limits and exclusions, and choose protection that fits the property, rental setup, and budget.
Why Choose Westland?
We know that your insurance needs to match your goals, your lifestyle and your budget. Our expert rental property insurance advisors get to know you, so that they can tailor a policy to your exact needs.
We’ll find the best coverage for you at the right price so that you can continue to live your life the way you want to.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, Click here.
Rental Property Insurance Explained
There are so many aspects of coverage to a rental property insurance policy. It’s a big decision to expand your investments into real estate. You place a lot of trust in your renters to treat your property as their own, so trust us to look after ensuring you’re properly covered. Your rental property insurance will cover the damage to your home from any risks outlined in your policy to ensure that you’re able to get back to normal as quickly as possible. A few of the risks discussed in a policy include fire, water damage, wind, theft, and vandalism.
And that’s just the beginning. We have access to all the best rental property insurance products in Canada, so no matter what additional protection you need, we’re sure to have a solution for you!
This coverage is one of the most important in your policy. It covers you for liability that may occur whether you are at home or away. Things like medical expenses and repair costs that arise from damage to someone else or a neighbouring property are covered.
Things can happen, and damage to your rental property is not out of the question. Coverage can kick in if there is damage and get your property repaired to welcome guests back.
Does your rental property come furnished? Do you leave yard maintenance equipment for your renters to ensure the property looks great? Most likely, you’ve supplied kitchen appliances. You may be surprised to find that the value of your items adds up to more than you thought. Having the right coverage in place is vital if your personal property needs to be replaced.
As an investor in a rental property, you know the importance of having dates booked or securing long-term renters. As a source of income, your property must be ready to welcome guests. If something happens and renters can’t live in your rented space due to insured damage or loss, your insurance policy can kick in. Depending on your policy, your income will be replaced until your property is ready to have renters again.
Think of a standard homeowner and tenants policy. They’re designed and sold for personal use, not commercial use. Suppose you rent your property out regularly, and your spare room turns into a physical form of an Etsy makers page. In that case, many insurance companies will consider this a commercial use of the property. Whether it is making changes to your existing policy or adding a home-sharing liability policy, we will help you find the right coverage to help you sleep at night.
What Factors Determine the Cost of Rental Property Insurance?
Not all rental properties are the same which means not all policies will cost the same. Aside from the type of policy and coverage that you choose, factors that affect your rental property insurance price include:
- Age of property
Depending on age, some homes may be at more risk of a claim than others - Location
Postal codes provide insight into areas prone to flooding, vandalism, and other claims made - Construction
Type of building materials used to construct your property - Claims History
There may be a discount applied if you’ve never had a claim - Credit Score
You can choose to have a soft touch credit check to apply a discount, depending on your credit score - Distance to Services
The distance from your property to a fire hydrant or a fire station affects claim risks
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique needs, and find the perfect rental property insurance policy for you. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your rental property coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
Ways to Save on Your Rental Property Insurance in Alberta
- Mature Customer
- Claims Free
- Local or Monitored Alarm
- Sprinkler
- Water Leak Detection Device
- Company Loyalty
- Mortgage Free
- Credit Score Factor
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Claims Example
Water damage is the most common claim we see when it comes to rental properties. For example, the supply line to a toilet can erode and cause flooding throughout the rental. This causes an issue for both your renter and your income when it comes to the property. The right rental property insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.
Our goal is to find the best coverage for you so that you can continue to live your life the way you want to. To learn more about being a Westland client, click here.
10 Fun Facts About Alberta
- Chinooks are unique to Alberta. The name is given to the damp, warm winds from the Rocky Mountains and over to Calgary. They can increase the temperature by 15 degrees!
- Edmonton is home to North America’s largest mall. It has the world’s largest parking lot by being able to hold 20,000 vehicles.
- Ever wondered where Trick or Treat began? Look no further than Alberta. In 1927, the town of Blackie, AB reported on “pranksters” in costume going around and uttering the spooky words around town.
- Instead of presenting an honoree with the key to the city, Calgary does one better and offers a white cowboy hat instead.
- If you’re a Star Trek fan, you’ll want to read more. In Vulcan , AB, they’ve built a 31-foot replica of the USS Enterprise, which stands next to their visitors centre, which is shaped like a spaceship.
- Lloydminster finds itself straddled on the border of Saskatchewan and Alberta. What’s the Canadian thing to do? Just share it, of course.
- Dinosaur Provincial Park lives up to its name by being home to the world’s richest site of many different dinosaur bones.
- The Caesar was originated by Walter Chell in 1969. He remembered spaghetti being served with tomato sauce and clams back in Italy. He translated that to the Canadian staple drink we love today.
- Comic book fans rejoice. Wolverine, half-human half-wolf, was apparently born in Cold Lake in the 1880s.
- Everyone loves Stampede time of year in Calgary and pancakes as well. Every year during Stampede, there are more than 200,000 free pancakes served and consumed. Yehaw!
Protect your rental property before problems become costly
Whether you rent out a house, condo, duplex, basement suite, or income property, Westland can help you review coverage for the building, rental income, tenant-related risks, vacancy, weather damage, and landlord liability.
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