Rental insurance

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Landlord insurance that covers all the bases

If you are considering renting out a property, rental insurance will help you to protect against many problems that you may encounter as a landlord. Contact Allstate agents today to get a rental property insurance quote and find the right coverage for your rental unit insurance needs.

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How to protect your property with rental insurance coverage

Owning a rental property can be a great investment, but as a landlord, you take on many risks. If you own a rental house, apartment, or rental condo, you have to consider if you have enough insurance. For instance, you need coverage for damages to your property from unexpected events like a fire or water damage. You also need liability insurance in case someone is injured on your rental property. If you want to protect your property and rent it out, rental insurance is essential.

How is rental insurance different from homeowners insurance?

Landlords renting out a property for the first time may think they would be covered by their homeowners insurance policy. However home insurance and rental insurance (also known as landlord insurance) are very different policies.

Home insurance covers property, personal liability and contents for you and your family, based on you living there. Once the property is no longer occupied by the owner and rented out to a tenant, rental insurance is required.

Rental insurance differs from other types of home insurance policies. If you are considering becoming a landlord, you’ll need to buy a specific insurance for rental properties to protect your investment from damage. Rental insurance covers the physical property related to the home you’re renting out as well as liability coverage.

Do tenants need renters insurance?

While rental home insurance will cover the dwelling, liability and the contents owned by the landlord, the tenant will have to consider renters insurance to cover their own belongings. Your lenders may also likely require proof of renters insurance if you have an existing mortgage on a property that you are renting out.

What does rental property insurance policy cover?

There are three main protections for rental insurance policies, if you have any concerns or want to discuss coverage for your rental property speak to your Allstate agent to find out more.

Dwelling protection

This building insurance for your rental property covers your home as well as other structures that are attached to it, such as a garage or a deck. This is restricted to named perils such as fire, wind or smoke. All risk coverage is available.

Detached private structures

Rental insurance also extends your coverage to other structures that are on your property but are separate from your rental home, like a detached garage, shed or fence. This coverage is also restricted by named perils. All risk coverage is available.

Liability

Liability coverage is extended from your Allstate home, tenant or condo policy. It protects you if you’re held legally liable for injury or death to someone on your rental property.

Types of optional rental insurance coverage

There may be instances where you want to extend your coverage beyond the basic landlord insurance policy. If that is the case, ask an Allstate agent today about any of these additional coverages.

Water damage protection

Water damage is a leading threat to homeowners, condominium dwellers and rental properties. Threats to your home and property can come from burst pipes, leaking appliances, storm waters, spring thaw, accumulated rain, and other types of fresh water flooding. You can choose additional coverage with Allstate’s NEW water protection endorsements to ensure you have the right coverage to suit your needs (for qualifying customers):

Ground water and sewers (quebec only)
Enhanced water damage (ON, AB, Maritimes)
Ground water, sewers and overflow of body of water (Quebec only)
Limited sewer backup (ON, AB, Maritimes)

Rental income

If your tenants need to leave the property due to a covered loss, fair rental income replacement is covered.

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Legal

Terms and conditions apply. Coverage, perils, discounts, and availability may vary by region. This contains information about coverage offered by Allstate but does not list all of the conditions and exclusions which apply to the coverage described. The wording of the actual policy and local law will govern. For more information on coverage, perils, discounts and availability, please contact your local agency or 1-800-allstate.

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