Cloverdale tenant insurance

House-Related Coverage

If you rent out a home, the cover you need as a landlord does differ to what you need for insuring a rental condo property. The two key points of cover for your home and rental property are:

Building Owner Insurance

With a limit based off the estimated rebuild cost of your home, the builder owner insurance cover protects the main structure of your house, as well as attached garages and, depending on the insurer, swimming pools and hot tubs. This portion of coverage may also provide you with unlimited cover for any costs that eventuate from building code changes.

Rental Properties with Detached Structures

This option coverage is focused on accounting for any other structures on your rental property that are detached from your main house. These could include things such as standalone garages, gazebos, sheds, docks, etc.

Along with these two types of coverage, some insurance companies may even offer cover for landscaping, fences, and gardening equipment. However, this will depend on the insurance provider you go with.

Condo Insurance Coverage

For condominium owners, there are unique facts that need to be accounted for that homeowners do not have to deal with. As such, there are two important areas of coverage for those who own and rent out condos.

Condo Rental Property Protection

When you own a condo, chances are you have to account for a condominium corporation. They are the corporation that looks after all of the condos, and as such carry insurance policies for the condo buildings, including the one you own.

In the event the corporation has to make a claim for the repairs of one or several condos, this can often require condo owners such as yourself to help pay an insurance deductible, which comes out of your own pocket. With condo property protection, however, your own insurance provider can handle the deductible for you. It can also be used for protecting you against repair costs of building and common areas that:

fall beneath the condo corporation’s property insurance deductible (e.g. the repairs will cost $20,000 but the corporation’s insurance doesn’t kick in until $30,000);
are not covered by the corporation’s insurance policy; or
result from a shortfall in your condo corporation’s insurance

Condo Rental Property Improvements

This optional cover focuses on protecting any upgrades, additions, or alterations that have been made to your condo, whether they were made by you or a previous owner. This coverage can also protect counter tops, flooring, glass, or other fixtures that you are responsible for insuring under bylaws outlined by your condo corporation.

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