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.
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)
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