{"id":3286,"date":"2023-11-06T17:40:22","date_gmt":"2023-11-06T17:40:22","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=3286"},"modified":"2023-11-06T19:10:40","modified_gmt":"2023-11-06T19:10:40","slug":"landlord-insurance-guide-for-first-time-rental-property-owners","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/landlord-insurance-guide-for-first-time-rental-property-owners","title":{"rendered":"Landlord Insurance Guide for First-Time Rental Property Owners"},"content":{"rendered":"<p><span data-contrast=\"auto\">You&#8217;ve decided to embrace rental ownership and provide tenants with a comfortable living place while earning a passive income. Congratulations! You&#8217;re now a business owner.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">And now\u2019s a good time to be a landlord. The Rentals.ca <\/span><a href=\"https:\/\/rentals.ca\/national-rent-report\"><span data-contrast=\"none\">National Rent Report for October 2023<\/span><\/a><span data-contrast=\"auto\"> shows the average rent in Canada is up by 11.1% from a year ago to an average of $2,149.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, whether you own a second or investment property or have a basement apartment to rent to help pay the mortgage, first-time and experienced landlords need to know their responsibilities and liabilities.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The following is a guide to help you understand the risks you face, and how landlord insurance can protect your property and finances to help ensure your success. Let&#8217;s dive in:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b><span data-contrast=\"auto\">Understanding How Landlord Insurance Protects Your Rental Property<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Landlord insurance protects property owners from financial losses at their rental properties, including damage to the building, loss of rental income, and third-party liabilities.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Think of landlord insurance as financial support for expenses arising from accidents or unanticipated damages and losses at your property. In other words, it protects your economic interests.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Types of Insurance Coverage for Landlords<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">A typical landlord insurance policy includes the following types of coverages:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">General Liability Insurance<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"none\">General liability insurance covers third-party bodily injury and property damage claims on your rental property. Suppose a tenant or one of their visitors slips, falls and is injured on your property&#8217;s driveway because it has yet to be cleared of ice and snow.<\/span><span data-contrast=\"auto\"> In that case, general liability insurance would pay for the injured person\u2019s medical expenses, and if they sue you, it provides funds for your legal defence and settlement costs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Commercial Property Insurance<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"none\">Commercial property insurance is what protects your building and property if damaged by fire, water, wind, a natural disaster, vandalism or theft. It also covers the abode&#8217;s contents that aren&#8217;t permanently attached to the building, like kitchen appliances. Furthermore, commercial property insurance protects your lost income (rent payments) if the home is uninhabitable following an insurable loss, such as a fire.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Equipment Breakdown Insurance<\/span><\/b><span data-contrast=\"auto\">: The kitchen appliances, laundry machines, and HVAC system at your rental property can suddenly cease to work because of a mechanical or electrical failure. Equipment breakdown insurance pays to repair or replace these things if such a scenario unfolds.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You can add optional coverages to your policy to enhance your overall protection. Some of these include:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Overland Flood Insurance<\/span><\/b><span data-contrast=\"auto\">: You might be surprised to learn most property insurance policies don\u2019t automatically include coverage for overland flooding, which is when water flows overland from an outside source and seeps into buildings through windows, doors, and cracks (on that note, check your home insurance policy).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Sewer Backup Insurance<\/span><\/b><span data-contrast=\"auto\">: Likewise, if a municipal sanitary sewer backs up into your rental property through drains inside your home and leaves a putrid mess, it\u2019s expensive to have it cleaned up. Sewer backup insurance can cover those expenses.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Earthquake Insurance<\/span><\/b><span data-contrast=\"auto\">: Adding earthquake insurance to your policy is wise if your property is in a region prone to earthquakes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Legal Expense Insurance<\/span><\/b><span data-contrast=\"auto\">: Despite your best efforts to <\/span><a href=\"https:\/\/rentals.ca\/blog\/essential-tips-for-screening-and-selecting-reliable-tenants\"><span data-contrast=\"none\">screen and select the most responsible tenants<\/span><\/a><span data-contrast=\"auto\">, <\/span><span data-contrast=\"none\">one may be unable or refuse to pay their rent. Evicting someone is a lengthy and costly process. Legal expense insurance can help manage those costs by covering your legal fees.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Landlord Insurance vs Homeowners Insurance: What\u2019s the Difference?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Landlord insurance and homeowner insurance are both types of property insurance. However, they <\/span><a href=\"https:\/\/www.zensurance.com\/blog\/landlord-insurance-vs-home-insurance-whats-the-difference\"><span data-contrast=\"none\">differ in the types of coverage<\/span><\/a><span data-contrast=\"auto\"> and risks they address.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Homeowner insurance only covers you if you reside at the property. Why? Because when you rent an apartment, house, condo, or multi-unit building, insurers consider it a business. Therefore, <\/span><a href=\"https:\/\/www.zensurance.com\/blog\/do-landlords-need-additional-insurance\"><span data-contrast=\"none\">residential homeowner insurance is unlikely to cover third-party liability claims<\/span><\/a><span data-contrast=\"auto\"> from your rental property involving tenants.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For example, if a tenant or one of their guests is injured due to a hazard on your rental property, landlord liability insurance covers your legal expenses and pays for the injured person\u2019s medical expenses. In comparison, homeowner insurance also includes liability coverage, but it&#8217;s designed only to cover situations involving the homeowner and their family.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s important to note a landlord insurance policy does not cover your tenants\u2019 personal belongings following an unexpected insurable loss, such as a fire. It\u2019s wise to encourage your tenants to buy tenants or renters insurance to protect their property.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, if one of your tenant&#8217;s personal belongings is damaged by an incident or accident that arises because you neglected to maintain the property, you would be liable for those damages. For example, if you failed to fix a water leak that damages your tenant&#8217;s furniture and clothing.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Assessing Insurance Needs for Your Rental Property<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Assessing your liability insurance needs for a rental property is crucial to protect yourself financially and legally. Here are things to consider:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">What coverage limits you need<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">There are different types of insurance coverages in every insurance policy. Each one has a coverage limit. When choosing the coverage limits for different insurance coverages in a policy, consider what the value of your property is, its condition, location, the liability risks you face, potential legal expenses, and any optional coverages you add to your policy. If you choose low coverage limits, know that once you hit those limits, you must pay any outstanding balance on your own.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">The deductibles you choose<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Most insurance policies include deductibles. A deductible is the portion you pay upfront when filing an insurance claim before your insurer pays out following an insurable loss. By choosing a high deductible, your annual premium will be lower. But if you do so, be sure you have the funds available to cover your deductible.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Local laws and regulations<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Know the municipal and provincial laws and regulations governing a landlord\u2019s responsibilities to understand the minimum requirements and standards you must meet. For example, ensure your property adheres to safety codes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Coverage for common areas<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">If your rental property houses multiple tenants and has common areas that all of them use, such as hallways, stairways, or a shared kitchen, let your insurance broker know so your policy accounts for them.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Think of your tenants<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Renting to a family may have different liability risks than renting to young professionals. If you\u2019re <\/span><a href=\"https:\/\/www.zensurance.com\/blog\/a-landlords-guide-for-renting-to-students\"><span data-contrast=\"none\">renting to postsecondary students<\/span><\/a><span data-contrast=\"auto\"> where tenant turnover can be frequent, it\u2019s critical to understand the demand and supply dynamics of student rental housing in your community.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Implement safety measures<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">You know what they say about an ounce of prevention. Ensure your property is maintained and habitable, and address any hazards promptly to avoid minor issues from becoming significant problems.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">How to Get Low-Cost Landlord Insurance<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"none\">Getting affordable <\/span><a href=\"https:\/\/www.zensurance.com\/landlord-insurance\"><span data-contrast=\"none\">landlord insurance<\/span><\/a><span data-contrast=\"none\"> that adequately covers your risks should be simple and easy.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Partnering with an experienced, licensed business insurance broker can simplify the process. A broker can advise you on what coverages your policy should contain and the coverage limits. They can also explain in plain language the policy\u2019s details and offer risk mitigation tips to help avoid filing a claim and keep your annual premium low.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><strong>About the Author\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><i><span data-contrast=\"auto\">Brandon Bowie is a licensed broker and Team Lead, Property and Hospitality at <\/span><\/i><a href=\"https:\/\/www.zensurance.com\/\"><i><span data-contrast=\"none\">Zensurance<\/span><\/i><\/a><i><span data-contrast=\"auto\">, Canada\u2019s leading source for small business insurance.\u00a0<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;ve decided to embrace rental ownership and provide tenants with a comfortable living place while earning a passive income. Congratulations! You&#8217;re now a business owner.\u00a0 And now\u2019s a good time to be a landlord. The Rentals.ca National Rent Report for October 2023 shows the average rent in Canada is up by 11.1% from a year [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":3287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[129,130,131,59,65,128,112,132],"coauthors":[38],"class_list":["post-3286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlords","tag-insurance","tag-insurance-coverage","tag-insurance-for-landlords","tag-landlord-guide","tag-landlords","tag-property-owner-guide","tag-property-owners","tag-rental-property-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Landlord Insurance Guide for First-Time Rental Property Owners<\/title>\n<meta name=\"description\" content=\"First-time and experienced landlords need to know their responsibilities and liabilities. 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