Investment Property Insurance
Protect your property investments by consulting one of our experienced advisors.
Investing in real estate helps you build equity, generate passive income, provide for the future and diversify your investment portfolio. Protecting that investment property is critical to ensuring its long-term return. That’s where insurance comes in.
Investment or rental property insurance can help you protect your asset as well as your rental income. Let our professional, experienced rental property insurance brokers find you the best coverage for the best price. As an independent brokerage, we work for you, not an insurance company. That also means we have access to a large number of insurers, giving you truly competitive investment property insurance quotes.
Our team strives to provide exceptional customer service through a hands-on, human-first approach. We’re here to advocate for you and advise you on all of your insurance and risk management needs.
Contact us today for a rental property insurance quote. We’re available online, by phone, or in-person. Read on below to find out more about investment property insurance.
Can you have homeowners insurance on a rental or investment property?
You can have homeowners insurance on an investment property if you do not plan to rent it out.
If you plan to use the property as a primary residence, you would be able to insure it as a regular home.
If you use it as a seasonal home, you will also have home insurance but it may be specialized or you may have limited coverage.
If you leave the home vacant, you will need to have a vacant home insurance policy. This also often means your protection is limited.
If you rent out your investment property, you’ll need rental property insurance, also known as rented dwelling insurance.
What insurance do landlords need?
Landlords should insure their rental property through rented dwellings or rental property insurance. This is very similar to home insurance, only it will also provide coverage for lost rental income in certain scenarios. It will not cover your tenant’s belongings, so it’s important they get their own tenant or renter’s insurance protection.
What does rental property insurance cover?
Investment property insurance is similar to home insurance and provides the following coverage:
- Property Damage – Covers the structure and fixtures as well as any personal property you have in your investment property. This will not cover your tenant’s belongings.
- Third-Party Liability – If someone is hurt or has their property damaged while visiting your property or due to your unintentional actions, this protection can cover damages and legal expenses relating to the incident.
- Fair Rental Value – If your renters are forced from the property due to a covered claim, you can get replacement rental income until your unit is rentable again.
Common risks that are covered include:
- Impact by aircraft or vehicle
- Vandalism and other malicious acts
- Weight of ice or snow (causing roof collapse)
- Certain types of water damage
Protection from earthquakes, sewer backup and overland water (flooding) may be available but is an add-on coverage, known as an endorsement.
Renovating Your Investment Property
If you plan to renovate or add on to your investment property, you’ll want to inform your insurer. Whether you’re doing the work or you’re hiring contractors or a mix of both, your insurance company needs to know that changes are being made. Why? Here are the reasons:
- If the property is vacant during renovations, your policy may offer only limited coverage or be voided entirely
- Renovations can increase your home’s value
- Renovations can reveal deeper issues or add risks to your home (such as installing a pool)
- The risk of someone getting hurt while at the home increase
- There is a higher chance of damage to your home
- There may be a higher likelihood of a burglary
Depending on the extent of the renovation, you may need special protection called course of construction insurance. Also known as builder’s risk insurance, this coverage protects investment properties that are under construction or being renovated.
How much does it cost to insure a rental property?
The cost of insuring an investment rental property will depend on a number of factors, including:
- Where the property is located
- How close it is to a fire hydrant and fire station
- How close it is to hazards such as rivers
- The claim rate of the area
- The crime rate of the area
- The type and frequency of natural disasters
- The home’s build and materials
- Square footage
- Type of building (apartment, townhouse, single-family home)
- The age of the house
- The type and age of the roof
- The type and age of the home’s systems such as plumbing, heating and electrical
- If the home has a pool or trampoline or similar risk
- The cost of rebuilding the home and replacing all the contents
- Your insurance and claims history
- Your insurance options, including coverage, deductible and policy limits
The cost can vary a lot, even between neighbours with similar homes. An experienced investment property insurance broker can work with you to help you determine the cost of protecting your real estate and help you find the best coverage for the best price.
How to Get the Cheapest Rental Property Insurance
Working with a rental property insurance broker at Rogers is your best bet for saving money. We are independent, which means we work with a large number of insurers. This allows us to deliver truly competitive investment property insurance quotes and offer choice in your coverage. Our experts can advise you on how to reduce your premiums and ensure you’re getting the best price for your protection.
Here are a few other ways you can save:
- Pay annually rather than monthly, if possible
- Pay your bills, as your credit rating can impact your pricing
- Bundle your insurance with one company
- Upgrade your home to modern systems or weather-resistant materials
- Install damage mitigation devices such as sewer back up valves and sump pumps
- Install security features such as burglar alarms and cameras
- Shop around and get quotes from different insurers
- Review your insurance annually
Work with the Best Rental Property Insurance Brokers
Real estate is an investment and it needs to be protected. Our experienced and professional brokers take a hands-on, human-first to insurance that puts your needs first. We provide risk management as well as insurance advice, helping you protect what matters in the most effective and efficient ways possible.
As a leading independent insurance brokerage, Rogers works with a large number of insurance companies – nearly 100! This means there is true competition for your business and you can trust we’re working for you, not an insurer. We take care of the price shopping for you, delivering investment property quotes once we’ve determined your needs and budget.
We’re also there to advocate on your behalf in the event of a claim. We can help you through the process and provide support. We’re also here to answer your questions and address any concerns you may have.
Contact us today for a rental property insurance quote and see for yourself how working with Rogers is different.