Rental Property Insurance
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Alberta Rental Property Insurance
When you rent your apartment, condo or house, it is vital that you protect your investment. Fortunately, a quality Rental Property Insurance policy from Leibel Insurance Group can protect you against a devastating financial loss.
As a property investor, you need to purchase the best possible coverage in order to protect your investment. If you are the new owner of some type of rental property, such as an apartment, condo or house, we can help you find the best deal on coverage and even offer a few tips that can help you profit the most from your new endeavor.
First of all, you need to know that obtaining your Landlord Insurance or other types of insurance from Leibel Insurance Group means that you will be working with a broker who is local to Alberta. Together with your broker, you can compare your Realty Insurance options in order to secure the ideal coverage for your specific property.
We understand that there are no two rental properties that are exactly alike. It is crucial that the coverage that you purchase is based on the kind of real estate that you own. Your broker will provide you with a customized policy as well as all of the details that you need to make the most informed decisions regarding your coverage.
Basic Rental Property Insurance Coverage
You may be thinking that this coverage is nothing but homeowners insurance for a landlord. Just like with a home insurance policy, your policy will cover the structure against damage from a number of different causes, such as fire, storms or malicious activities. Typically, a Landlord’s policy will also include liability coverage that will protect you in the event that someone sustains an injury on your property and you are determined to be at fault due to negligence.
A basic Landlord Insurance policy will generally feature the following coverage:
- Structure coverage for damages to the buildings, such as the apartment complex or rental home itself, as well as any garages, sheds, retaining walls, fences and swimming pools; maintenance or gardening tools and equipment that you own personally and use to maintain the rental property may also be included as well
- General liability coverage against accidents and injuries that take place on the premises
One of the main difference between Realty Insurance a home insurance is that you generally do not need to obtain coverage for personal property, such as jewelry or clothing. The reason for this is that the people renting your property will be responsible for obtaining Tenants Insurance to cover their property.
Therefore, your coverage will not need to include insurance for personal property, with the exception of tools or any other items that is used for property maintenance. However, if the Alberta apartment or home that you rent is furnished, you will need to invest in content coverage for your belongings that are kept in the rented space.
Additional Types Of Landlord Insurance To Consider
Even though a basic policy from Leibel Insurance Group will provide you with coverage for the usual claims and problems that you may encounter. However, there are some additional types of coverage available that you may want to consider adding to your policy, such as:
- Business Insurance – You may need to consider investing in additional coverage if your rental business employs a staff that is responsible for taking care of your records, books and accounting in order to protect you against business fraud.
- Legal fees – If a legal claim is filed against you, there are several expenses that may be associated with that event. Just the legal fees alone may be enough to put you out of business. Fortunately, your liability coverage will be able to help you with the cost of litigation in this type of situation.
- Lost rent – Coverage of a loss of rent will help you by replacing the rental income that you lose when a covered event renders your rental property uninhabitable, such as fire, flooding, etc.
- Umbrella Liability – With this type of insurance in place, you will have additional coverage in the event that the cost of a claim is so substantial that it exceeds the limits of your standard liability insurance.
- Workers Compensation – If you have an office staff or a maintenance staff, then you will need to invest in Workers Comp in order to protect such employees if they are ever injured or become ill in relation to the job that they perform.
Do not make the mistake of thinking that a homeowners policy or a standard business policy is going to provide you with adequate coverage for your rental properties. In order to find out how you can save time and money on the ideal Realty Insurance policy, click on the quote request button now before it is too late.
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