Whether you’re renting out your home long term or you’re an Airbnb host, every landlord needs the right insurance policy. While Airbnb and VRBO offer some protection, there's a lot you won’t be insured for with their coverage. And even if your tenant has condo or tenant insurance, you still need landlord insurance to cover all the things their policy doesn’t. Here are 6 things you’ll want coverage for (and what our new rental property insurance policies just happen to cover):
So you found the perfect tenant, or at least you thought you did. If your renter causes any damage to your property or the common property, you’re responsible. This damage could exceed the amount of their damage deposit, which is why you need landlord insurance to cover you.
If your rental is damaged and you can’t have a tenant, this will cover your lost rent.
Fully Furnished Coverage for Contents
This one’s especially important if you’ve listed your property on Airbnb or VRBO. If you lose any of your furnishings to a claim, you’ll have them replaced.
Replacement Cost on Home
Should something happen and you lose your entire home, this type of landlord coverage makes sure you get a home of equal value back after a loss.
Accidents happen. For example, if your tenant slips and injures themselves due to poor maintenance of your property, you will be held legally liable. We suggest a minimum of 5 million worth of coverage, as the amount paid from lawsuits continually increases.
Water Escape Coverage
As a landlord, you need coverage for sudden escape of water. This could be anything from a dishwasher malfunctioning to water pipes to an overflowed bathtub.
In addition to all of this, with the new rental property insurance policies from Nuera, you’ll also have options for short term vacancy, foreign investors, and owners with multiple properties. Plus, we tailor each policy by province.
All of these things are why Nuera created a rental property insurance policy you can purchase online that is designed just for landlords. It takes less than 15 minutes to get a quote and purchaseyour landlord insurance policy, completely online.
Want to learn more about the Nuera Rented Home Insurance? Visit https://www.nuerainsurance.ca/types-of-insurance/landlord-insurance/. Live advisors are available from 8-6 MST to help answer any questions you might have.
The product is currently available in Alberta, British Columbia and Manitoba. Saskatchewan will be coming soon, and the rest of Canada will eventually follow.