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Types of landlord insurance coverage we provide
Landlord insurance
Landlord insurance protects rental property and real estate owners from unforeseen losses related to their properties. It is similar to traditional home insurance in many respects, as most policies include the following types of coverage: property coverage, landlord belongings, liability, and loss of rental income.
Homeowners insurance is meant to protect properties that policyholders live in, whereas landlord insurance protects a property that is rented out by tenants. Landlord insurance protects the property owner's belongings and other aspects of the property listed on the policy. It does not cover or protect tenants' belongings.
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Landlord Insurance FAQs
Landlord insurance protects your rental property in the event of damage or loss; covering property and real estate owners from financial losses at their rental properties. Landlord insurance usually includes coverage for the building, contents that you own on the property, liability arising from ownership, and loss of rental income.
There is no coverage for rental properties under your home insurance policy. Even if you have a rental unit in your home (i.e. basement or garage) you still need to inform your insurance provider and purchase separate coverage.
No, landlord insurance is not mandatory in Canada. It is, however, required by lenders that a policy be in place before a mortgage is issued. No one will lend you money unless the property has insurance.
Landlord insurance provides protection for your building, items used to maintain the property and liability coverage. It also includes legal fees if you face a lawsuit.
Standard landlord insurance coverage:
- Property coverage
- Landlord’s belongings
- Liability coverage
- Loss of rental income
If you want more than what your standard landlord insurance policy covers, here are some things that you might want to add on to your current policy:
- Flood Insurance (sewer backup and overland water coverage)
- Earthquake Insurance
- Extended contents insurance
- Loss of rental income
- Airbnb coverage
No, landlord insurance does not cover tenants' belongings. Renters must purchase their own policy to protect their belongings (clothing, furniture) and other possessions in the event of a loss.
Here are the types of property you can get insured:
- Landlord-owned- detached or townhouse, single-family home
- Landlord-owned- detached, duplex, triplex, or 4-plex (* 2-4 units under one roof)
- Landlord owned-condo, low or high-rise building, or townhouse-style condo
The best way to get cheap landlord insurance is to combine it with your primary home policy. Most insurance carriers offer 'bundle and save' discounts. Talk to your advisor to see how you can save.
One of the most significant benefits of having landlord insurance is peace of mind. Having a rental property is a big investment so if anything goes wrong you have your insurance coverage to rely on to cover costs of repairs and/or replacement items.
Yes, as mentioned earlier, tenants need to purchase their own insurance policy to protect themselves financially in the event of damage to their belongings.
Landlords can now make tenant insurance a condition for a renter's lease, making it a requirement before moving in.
Average landlord insurance costs approximately 20% more than house insurance. But it also depends on what type of property you have for rental purposes. Talk to your advisor today to get a free quote on your landlord insurance!
Our Reviews
Lisa Clark helped me with my insurance! It was so easy and fast to get a quote and set it up. Super appreciative of Lisa and her hard work right when I needed it most. Got approved for insurance and am now driving my first car :)
10/10 service all the way around
Can't recommend Surex enough! Matthew Gill in SW Ontario has always been wonderful. I have been with Surex for some time now and have always received impeccable, friendly, professional, and quick service. Buying a car is a pain, and getting it insured can be a tortuous experience. Thanks Matthew for making so easy for us!
From the very first moment to the final email, Mr. Kishan Patel exceeded my expectations. He understood my situation, addressed my concerns, and resolved the issue quickly and professionally. I’m very satisfied with his service and highly recommend him.
Thanks Kishan ✌🏼
Surex and I have been doing business for a few years now. They answer my calls and if necessary. Very polite and knowledgeable. My paperwork always arrive in prior to renewal and is accurate. They have very good rates.
Ashley Bushfield at Surex is pure magic. She's a miracle worker — I don't know how she does it, but she gets things done.
From day one she was on top of everything. Quick replies over text, always knew exactly what was going on with my file, and got things sorted fast. I never had to chase her for anything, which meant everything to me when I was stressed out.
She's so easy to reach. Text her and she gets right back to you, no phone tag, no waiting on hold. Things are just so easy with Ashley. She went out of her way to deal with problems that weren't even hers — fought to fix messes she didn't create, just because she cared about getting it right for me.
She's an example of what real customer service is supposed to be. It's rare to find someone who actually cares like this. Surex is lucky to have her — I hope her managers know what they've got.
If you want a broker who'll look after you, ask for Ashley. I can't recommend her enough — she's the best.
