Owning rental properties can be a lucrative source of income, but it also comes with real risks. Tenant-caused damages, major losses, and liability in case of accidents are just a few examples. Without proper insurance, these unforeseen events can be costly.
Whether you’re just starting out or managing dozens or even hundreds of units, having the right rental property insurance is essential. It protects not only your buildings but also your liability as a property owner. Since each property is unique, it’s important to have access to tailored coverage.
The experts at J. Gérard Fortin & Associés work with a variety of insurers and understand the nuances of this often high-risk market. They can advise you on the protections that align with your profile, real estate portfolio, and long-term vision.
Insuring a rental property isn’t just a formality. The type of insurance depends on several factors, including the number of units, the type of building, and the property’s intended use. Understanding the offered protections is crucial to making an informed choice.
The experts at J. Gérard Fortin & Associés can guide you through this process and offer the best options, whether it’s a small duplex or a large real estate portfolio.
If you own fewer than six units, you might qualify for personal homeowner insurance. Beyond this threshold, commercial insurance is typically required, offering broader coverage and terms suited to commercial risks.
Insurance covers the physical structures of your properties (walls, roofs, fixed installations), including damages caused by fire, water, vandalism, or weather events.
Protects against claims in case of injury or damage suffered by third parties on your property (e.g., a fall on an icy step, fire spreading to another building).
The owner’s coverage doesn’t extend to tenants’ personal belongings or their liability. It’s often recommended, and sometimes required, that tenants have personal tenant insurance.
These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.
Yes, any significant changes to the property, such as structural renovations or changes in use, should be reported to avoid coverage gaps or claim denials.
Extended vacancy periods can affect your coverage, as they are considered higher risk. It’s important to inform your insurer to prevent any restrictions.
Some policies offer an option to cover lost rental income if a property becomes uninhabitable due to a covered loss.