Insuring rental suites

Insuring a Rental Suite

Insuring rental suites

Some people rent out a room or suite in their home to tenants.  This helps the homeowner with the monthly cost of a mortgage. Insuring rental suites is not part of your normal home insurance policy.  Speak to your insurance agent as the following be applicable to you.Insuring a Rental Suite

  • The home was insured as a single-family home, which will now be divided into two portions. If there occurs any loss, the owner may not be able to acclaim it.
  • After the completion of the suite to be given for rent, the replacement value of the house also increases, so the owner should contact his agent to ensure his proper insurance.
  • If the suite has furnishings like a dishwashing machine, it will not be covered under landlord insurance until it is included.
  • Renters may leave the house for any reason like earthquake or fire. In such a case, the landlord should have rental income insurance so that he can recover the loss.

Visiting the rental property

A landlord should visit the rented property at regular intervals to know if the tenant has any problem. The visits should also be done in order to find out that the property is being properly maintained or not. There are laws regarding the visiting of a rented property. The law says that the property in which the tenant lives is private to him and the landlord has to give prior notice before giving a visit to the house. If he will not do so, he may face consequences if the tenant complained about it. In British Columbia see the Residential Tenancy Act for more details.

When to enter the rented suite?

Here are the reasons for entering the rented suite.

  • The landlord can enter the tenant’s house if there is an emergency and there is a need to save life and property. In this case, if the landlord waited to give notice, it could cause more damage.
  • The tenant shall be given a written notice at least 24 hours before the inspection is to be done.
  • After receiving the permission from the tenant, the landlord should also provide the reason for visiting the house and record it so that the tenants could not create any further problems later.
  • If any service like housekeeping or any other service is mentioned in the agreement, then the landlord can visit the tenant house for the same.
  • The landlord can visit the house if there is no occupancy and tenant has left the house.
  • Even after providing a valid notice, the tenant refuses the permission, in such a case, the landlord can enter the house with the help of an arbitrator. The landlord has the right to apply for Order for Entry mentioning the reason for the visit. The arbitrator decides whether the purpose is valid or not and on this basis, he can allow or refuse the entry.