Landlord insurance: Protect your rental property
Get house insurance for your rental property quickly and easily.
Sonnet has the coverage landlords need
Is the home you live in already insured with us? If you also have an income property, make sure your investment is fully protected with rental property insurance. Landlords across Canada, in B.C., Alberta, Ontario, Quebec, New Brunswick, Nova Scotia or P.E.I. can buy insurance online with Sonnet in just minutes. Get customized coverage, in language you can understand, at a competitive price – and do it all online. With Sonnet you can buy and access your landlord insurance online, so you can live your life without worrying about your rental property.
Why do you need landlord insurance?
A rental property owner should always be prepared for the unexpected. Landlord insurance will help you repair or rebuild if your rented dwelling is damaged by wind, fire or another covered loss. It’ll also help you with rental income if your tenants can’t live in your rented home during repairs. If you have a mortgage, they might require you to have insurance for your rental home, too.
What does landlord insurance cover?
Owning a rental property is a big responsibility, and with it comes a whole new set of risks. Here’s a summary of standard coverages in a landlord insurance policy that will help protect you and your rented home, and a few optional add-ons for extra peace of mind. Remember, every landlord has unique needs. Be sure to review your policy to understand what you’re covered for and what you’re not.
Standard landlord insurance coverages
This coverage protects you in case you’re sued. You’re covered by landlord liability if a visitor is injured on your property and you’re found legally responsible, or if you cause unintentional damage to another person’s property.
If something happens to your rental home, we’ll pay to repair or rebuild it. And, we do the same for detached structures like your garage, garden shed or fence.
Protect items you own that you keep at your rented home – like landscaping equipment, maintenance equipment and household appliances or furnishings.
If your tenants can’t live in your rented home because of an insured loss or damage, we’ll replace your rental income until your property is repaired or rebuilt, for up to a year.
Additional landlord insurance coverages
This coverage can help in some smelly situations. If water backs up or escapes into your home through a sewer, sump, septic tank, or floor drain, this will cover you for the damage caused. Coverage offered depends on eligibility.
You’re covered for damage to your home caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. Coverage offered depends on eligibility.
Why buy landlord insurance with Sonnet?
Self-serve
Log in anytime to manage your account, access your policy, update your coverages and more.
Express claims
On top of our 24/7 claims support, you have the option of an express claim for small losses.
Customer satisfaction
Online doesn’t have to mean on-your-own. Our licensed Insurance Agents are here to help. Email, chat or call our fully-licensed agents and experience our top-quality customer care for yourself.
How much does landlord insurance cost in Canada?
$1,325/year is the median cost of landlord insurance with Sonnet in Canada. Get landlord insurance for a year for less than what a family of four would spend on a long weekend ski trip.
How it’s calculated
The cost of landlord insurance is based on your unique info and the type of property you’re renting out. Insurers will look at things like the coverage you have, the building type, the location of the property and your claims history.
How can I save on my landlord insurance?
At Sonnet, we combine your unique information with a whole lot of math and analytics to build our best price just for you – savings automatically included. Here are a few ways you could save on your landlord insurance:
Claims free
No claims in the last 5 years? This could mean extra cash in your pocket.
Multi-location
Insuring more than one property could qualify you for a multi-location saving.
Bundle home and auto
Save more when you bundle your
How to get the best landlord insurance for your rental property
Not every rental property is the same, and not every landlord has the same needs. Here's how to make sure you have the very best policy for yours.
Step 1. Make sure you’re getting the right rental property insurance policy. The type of policy you need depends on the type of property you're renting out. Is it a unit in your own home? It could be covered by your homeowners policy. Is it a standalone property? You’ll probably need a separate landlord policy.
Step 2. Compare landlord insurance quotes. It's common to focus on cost and go for the plan with the best price. While price is important, you need to factor in coverage, claims, and customer service to make sure you're fully protected.
Step 3. Understand what's covered and what isn’t. Landlord insurance covers your building, contents you keep on the property. It also covers liability arising from ownership of your property, lost rental income and more. Your tenant’s stuff and their liability aren’t covered. We recommend that tenants carry their own renters policy.
Step 4. Consider adding optional coverages. Things like sewer backup and overland water are just as important for your rental as they are for your own home! Be proactive and protect your income property from serious water damage before it happens.
Step 5. Choose a high enough landlord liability limit. An accident on your rental property can result in very costly legal bills if you're sued as a result. We recommend having a minimum of $1 million liability coverage – but $2 million is ideal.
Have questions about your landlord coverage?
Questions about landlord insurance? We’re here to help
Owning a rental property can be demanding. That’s why we’ve made it so simple to get a landlord insurance quote with Sonnet. Check out our blogs and frequently asked questions (FAQs) for helpful tips for landlords.
Well, it depends. If there are no more than two renters, you’re allowed to rent part of your house out under your Homeowners Policy. You’re also covered if you have one additional unit within your home that’s rented to one family only.
If you’re renting out a property separate from your home our Landlord Policy will make sure you’re covered if there’s any damage to items that belong to you and the property. Things like major appliances, fixtures or tools (a lawn mower or snow shovel are a couple of examples). If you live in your home, but you have more tenants than our Homeowners Policy allows for, you can purchase our Landlord Policy in addition, to cover you and your home adequately.
Well, it depends on your situation.
If you’re renting out a separate property from the home you live in, you’ll need home insurance for a rental property – commonly known as
Heads up! You can only
What if you’re renting out a part of the home you live in? We’ll cover you under your personal home insurance policy if you’re renting rooms to no more than 2 roomers or boarders.
Or, you may rent out one additional unit (like a basement apartment) in your house, to no more than one household. A household can be a family, or it can be a couple or unmarried partners, over the age of majority, that co-habitate (but are not students). Keep in mind that Sonnet provides coverage for either one or the other of the above situations – but not both together.
Does your homeowners insurance for your personal home or your rental property
No matter what, you should always review your policy wordings to make sure you’ve got the right insurance for your rental needs. Still have questions about rental home insurance?
Your landlord insurance doesn’t cover your tenants’ stuff. Renters need to buy their own tenant (or renters) policy to cover their clothes, furniture and everything else they own in case something happens.
Although renters insurance isn’t required by law, it’s highly recommended. Why? Well, because it has benefits for both you as a landlord and your tenants. It provides peace of mind for tenants by repairing or replacing their things if they’re lost or damaged in a fire, flood or another covered event. If something happens to your rental property and your tenants can’t live in it, their renters policy will pay for a place for them to stay until they can move back in or find another place to live. And, it protects your rental property too, as renters liability will help cover costs if a tenant damages your property.
Landlord belongings include your items that are kept in the property, such as furnishings. Even if you rent out your property as “unfurnished” this coverage is still required, as it includes landscaping equipment, maintenance equipment and household appliances (e.g. fridge, washer, oven).