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If you currently own a rental property or income property and consider yourself to be a landlord, you must purchase a special type of home insurance called “Rented Dwelling” insurance. Rented Dwelling Insurance is rental property coverage for owners or investors who have purchased property such as single-family homes, condominium units, apartments, townhouses, duplexes and more that are rented out to tenants in order to generate income. By having rental dwelling insurance, it not only protects your home and property from damage, injury and liability claims made against you, but it will also protects your stream of rental income.

Although rented dwelling insurance may seem similar to landlord insurance, they differ from one another. Landlord insurance typically covers the building or portion of the property being rented from fire, water and wind damage. It will also replace lost rental income if you’re unable to rent out space due to an insured loss.

Meanwhile, rented dwelling insurance is more similar to a conventional home insurance policy; however it has a few more coverages such as the following:

Dwelling Coverage: This type of coverage will pay for covered repairs or reconstruction of the dwelling and other structures on the same property.
Liability Coverage: This type of coverage protects you financially against costly liability lawsuits - if you’re responsible for any damages or injuries to someone else or their property. For example, if your tenant has a slip and fall accident while in your rental property, liability coverage will protect you, should there be legal action for damages.
Loss of Rent Coverage: This type of coverage will reimburse you for fair rental value if your rental dwelling has been damaged by an insured loss that causes the property to be uninhabitable.
Property Coverage: This type of coverage protects for covered losses to your property located at your rental dwelling, such as furniture and other personal property rented with or used to maintain your property.

At Oracle RMS, we will provide guidance in getting the best rate and coverage for your policy. Whether you are investing in a condo, apartment or home, you can rent out your property in confidence with a custom tailored insurance plan with Oracle RMS. Contact us today to speak directly with one of our licensed brokers who will gladly provide more information and can provide a quote for rented dwelling insurance.

If you currently reside in Mississauga, learn more about Rented Dwelling Insurance in Mississauga.

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 Contact Oracle RMS today to protect yourself from these exposures! We’ll provide you with a Rented Dwelling Insurance quote. Should a problem occur, you can rest easy knowing you have Oracle in your corner.

Should you have any further questions regarding your insurance quote for Toronto or surrounding areas, please feel free to contact us and one of our representatives will gladly assist you.