Rental Property Insurance – Ontario
Whether you have a reliable tenant who rents your space year after year or are perfecting your Airbnb bio to get dates booked in your downtown condo. We don’t have to tell you that owning a rental property is a significant investment. Let us help you find the right coverage no matter what kind of space you are renting. We’ll help protect you from any bad blind date renters in your future.
As your local insurance experts, we know that each rental property in Ontario is unique in its own way. From the cottages throughout Lake of the Woods that offer world-class fishing to the house rentals in Thunder Bay and relaxing natured centred getaways in the coniferous forests of northwestern Ontario, we’ve got you covered. With all it has to offer, it’s not hard to understand why people invest in rental properties in Ontario.
We understand it’s vital to protect what’s most important to you and your family. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on what’s important in your life.
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.
How Much Does Rental Property Insurance Cost in Ontario?
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Rental property insurance rates will vary from one city or town to the next in Ontario. Insurance companies will use rate tables to create the price for home insurance within territories based on experience ratings, exposure to risk, claims data, etc. Pulling from our experience in Ontario, we’ve put together examples of monthly rental property insurance prices that we see most often. For a quote specific to your needs, connect with us today!
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
Postal codes provide insight into areas prone to flooding, vandalism, and other claims made
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 Ontario
- Mature Customer
- Claims Free
- Local or Monitored Alarm
- Water Leak Detection Device
- Company Loyalty
- Mortgage Free
- Credit Score Factor
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 Ontario
- Ontario is larger than Spain and France…combined! It covers more than one million square kilometres .
- If you’re a fan of Oktoberfest, you’ll want to visit Kitchener. Even though it only has 200,000 people, it is the home to the largest celebration outside of Germany.
- The Great Wayne Gretzky , the all-time leading scorer in the NHL, was born in Brantford in 1961.
- With half of Toronto’s population being born outside of Canada, it has the best restaurant varieties. There are over 8,000 options serving food from around the globe.
- Niagara Falls consists of three different waterfalls . Horseshoe Falls, American Falls, and Bridal Veil Falls make up this natural wonder.
- The most Canadian law exists in Ontario. This law states that saying “sorry” isn’t an admission of guilt.
- Lake Ontario is an excellent destination for scuba diving . There is a shipwreck from 1798 that you can check out and a U.S. Air Force c-45 aircraft.
- Toronto is the only Canadian city that has seven major league sports teams!
- During the winter, the Rideau Canal in Ottawa becomes the longest skating rink in the world. It spans 7.8 kilometers long.
- The bottom of Lake Ontario is so cold that skyscrapers use it for their AC as a coolant source.