What is Landlord Insurance?
3 min read.
Landlord insurance is an essential safeguard for property owners who lease out their residential or commercial spaces. Unlike homeowner’s insurance, this coverage is specialized to address the risks associated with rental properties.
What is landlord insurance?
An individual becomes considered a landlord when they rent a room in their home, rent apartment units in a building, or lease commercial space to a building. Landlord insurance provides protection against any damages to the property while it is being rented by a tenant, alongside liability coverage in situations where an incident occurs on the property grounds.
The landlord’s insurance policy will cover any physical damage to the building brought on by fire, weather conditions, and more. It’ll also cover any damage done to their belongings used for property maintenance, liability against lawsuits, and optional coverage against vandalism, theft, and renovations.
Landlord insurance is a vital tool for property owners to protect their investments and manage the associated risks that come with renting a property. By understanding the distinctions of landlord insurance and choosing the appropriate policy, landlords can confidently navigate property management.
References
What is tenant insurance?. TD Insurance. (n.d.). https://www.tdinsurance.com/products-services/home-insurance/tips-advice/renters-insurance-101
BrokerLink. (2021, July 28). Renters and landlord insurance: What’s the difference? BrokerLink. https://www.brokerlink.ca/blog/renters-and-landlord-insurance-whats-the-difference
About Westhaven Group
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Westhaven Group oversees a collection of companies involved in managing and trading over 600,000 square feet of real estate across the City of Toronto and surrounding areas.
With multiple years of experience in the industry, our team works within residential and commercial spaces ensuring every aspect of real estate investment is covered.
Westhaven Group is a go-to source for all of your company needs.