Best Landlord Insurance & Rental Property Coverage

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Written by Nolan Wilson Updated on September 11, 2025 min read

Insurance for landlords and rental income properties

Are you a landlord and have income properties in Ontario? Do you rent out your basement? Are you leasing a house for income or as a real estate investment? You'll need landlord insurance to protect your rental property. Landlord insurance offers coverage for your rental income property, damages, finances, liabilities, and building structures.

While being a landlord can be challenging, saving on rental property insurance doesn’t have to be difficult. At ThinkInsure, we’ll help you compare landlord insurance quotes from the top providers. We'll help to find the best coverage and lowest rates to protect your rental property.

Top things to know about landlord insurance policies

Standard home insurance policies do not cover you if you rent out your home.
Landlord insurance costs about 20% more than standard home insurance policies. Expect to pay around $1,500 annually.
There are several types of insurance for landlords - rental properties, commercial properties, Airbnb, home sharing, short-term rental, and student housing. Speak with your insurer to select the right type of coverage.

How to get landlord insurance

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What is landlord insurance?

Landlord insurance protects rental property and real estate owners. This insurance is applicable when you can lease out a house, duplex, triplex, townhome, or apartment unit you don’t live in. It can also be a defined space or room within your home. It provides financial protection from damage caused to your units.

There is no coverage for a rental property under standard home insurance policies. Depending on your situation, you may need to add a rented dwelling endorsement to your current policy. You may need to take out a separate rental income property insurance policy. If you have an investment property, you should investigate this.

What types of properties can be insured with a landlord policy?

modern new residential apartment house buildings

There are several different types of landlord insurance. They meet the requirements of a specific type of dwelling:

Rental property: This is the standard type of insurance used for renting out a townhome, single-detached or semi-detached home.
Condo rentals: This is for when you rent your condominium or strata. You’ll need condo insurance. This covers things not covered by your association.
Residential buildings: This applies to any structure with seven or more units, such as an apartment.
Cottage: You’ll need specific coverage if you rent out your cottage or seasonal property.
Commercial landlords: This is commercial property insurance for those who contract it out for commercial purposes.
Unoccupied dwelling: This is for vacant units. Get more information about vacant home insurance.
Student housing: This is catered to properties used for students, such as rooming houses.
Short-term rental: This is also called Airbnb insurance. This is needed if you lease a unit out periodically.

How does rental property insurance work for landlords?

The coverage you need to protect your rentals depends on your situation as a landlord. There are two common ways:

You occupy the property you are renting: You are living in the dwelling, and there is a separate apartment. You'll need to advise the insurer to change the occupancy from "1 family" to "2 families". Most insurers will ask the occupants to get renters insurance. This could be a condition to change the dwelling class to a "2-family residence".
You lease out a property separate from your residence: If you lease out a location that you do not live in, you will require separate rental property insurance. What you need will depend on the type of unit and many other factors.

What does landlord insurance cover?

It provides you with protection for your structure, items used to maintain the land, and liability. This includes your building structure on your land. It also includes legal fees if you face a lawsuit and other specific types.

Property

This provides you with protection for physical structures on the land. It includes:

The building structure: Protection from damage because of fire, wind, hail, lightning, and other perils.
Other buildings: Garage, deck, fence, shed, etc.

Landlord belongings

Property owners have protection for their personal contents that are on-site to maintain the land. This includes a lawnmower, gardening equipment, and snowblowers. It also applies to other equipment you store in a shed, garage, or basement on the property. You have the option to increase your content limits if necessary.

Liability

Personal liability insurance protects the owner from legal liability. It will cover the legal fees and medical bills related to personal injury if the landlord is at fault.

Failure to maintain your rented dwelling is one of the most common sources of liability claims against landlords.

Loss of rental income

A situation may arise where a tenant is forced to move out because of an insured loss, such as water damage from a flood or a fire. You could recover lost income while the property is being repaired.

What extra coverage can you add to a landlord policy?

landlord showing an young couple and apartment

Getting additional coverage may be needed for some situations. Here are some coverage add-ons for landlords to consider:

Vandalism: Protects if an occupant or third party causes significant damage or vandalizes the unit.
Under construction: This provides coverage during building and renovation projects. Get more information about home renovations and insurance.
Theft: This provides security for the landlord's personal belongings if you experience home theft by an occupant or others.
Fair rental income: This helps if your property has too much damage to lease from a covered loss. You will receive compensation for the income you would have received while doing repairs.
Insurance for nonpayment of rent: It provides income protection if an occupant does not pay. It may also help cover legal fees for recovering rent or evicting an occupant who owes rent. It helps to maintain cash flow.
Condominium liability protection: This is above what is offered through your association. This ensures you have an extra safeguard in case of a fire, flood, or other covered loss.
Airbnb insurance: If you rent out your property on Airbnb, then you need Airbnb insurance to ensure your property is properly insured and protected.
Additional contents insurance: Increase your policy limits, increase coverage, or get contents insurance for specific items.

Many landlords also add common homeowners insurance endorsements such as overland flood insurance and water damage insurance.

What does landlord insurance not cover?

There are a few main things that are not included:

Maintenance: You handle the regular upkeep and maintenance. You are not covered for general property wear and tear.
Equipment breakdowns: The breakdown of household equipment and appliances is not covered. This includes the furnace, stove, dishwasher, etc. Some insurers offer this as an endorsement.
The occupant’s possessions: Your policy does not cover a tenant's things. Occupants will have to buy insurance to cover their belongings.
Infestations: Insurance doesn't cover damage caused by insects, rodents, or other animals.
Extreme weather events: Earthquakes, landslides and natural disasters are not covered, unless you take out a separate policy.

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How much does landlord insurance cost?

Average landlord insurance costs approximately 20% more than standard house insurance. You can expect to pay around $1,500 per year for a house policy in Ontario. An apartment will be about $350 per year. Get a quote for an accurate estimate for your rental property insurance.

What factors affect the cost of landlord insurance?

The premium for landlord insurance is not a fixed figure and can fluctuate considerably based on a variety of factors related to the rental property itself, its location, and the coverage options selected. Understanding these elements is crucial for landlords to anticipate insurance expenses and take steps to mitigate costs.

Key property characteristics:

Property size: Generally, larger properties with more square footage may have higher insurance costs due to the increased potential for damage and the higher rebuilding expenses. This encompasses the footprint of the building as well as the number of units within a multi-family dwelling.
Type of property: The nature of the rental property plays a significant role. A single-family home might have a different risk profile compared to a multi-unit apartment building, a townhouse, or a condominium unit. The complexity of shared structures and common areas in multi-unit properties can influence insurance rates.
Age of property: Older properties may be more susceptible to certain types of damage due to wear and tear, outdated systems (plumbing, electrical, HVAC), and potential structural issues. Insurers might perceive older buildings as higher risk, potentially leading to increased premiums or specific coverage limitations. Regular maintenance and updates to critical systems can help offset this.

Location specific risks:

Risk of natural disasters or crime: The geographical location of the rental property is a critical determinant of insurance costs. Areas prone to natural disasters such as hurricanes, earthquakes, floods, wildfires, or severe storms will likely have higher premiums to account for the increased risk of claims. Similarly, properties located in high-crime areas may face higher insurance costs due to the greater likelihood of vandalism, theft, or other property damage. Insurers often analyze historical data and local statistics to assess these risks.

Risk mitigation and safety features:

Installed safety features: Landlords can often reduce their insurance costs by implementing safety features within the rental property. These may include:
- Smoke detectors and carbon monoxide detectors: Functioning and regularly tested detectors are essential for life safety and can demonstrate proactive risk management to insurers.
- Sprinkler systems: In the event of a fire, sprinkler systems can significantly limit damage, leading to potential insurance discounts, especially in larger or multi-unit buildings.
- Security systems and alarm systems: Professionally monitored security systems can deter burglaries and vandalism, potentially lowering premiums.
- Deadbolt locks and window locks: Ensuring basic security measures are in place can also be a factor in determining insurance rates.
- Upgraded wiring and plumbing: Modern and well-maintained electrical and plumbing systems reduce the risk of fires and water damage, which can be viewed favourably by insurers.

ThinkInsure tip: Consult an insurance professional to ensure your rental property is covered properly

If you rent out your home or another property, speak with an insurance professional about your coverage options. Even though coverage may not be legally required in some cases, it's essential to financially protect yourself if an issue arises with your tenants or property.

What are some tips to find cheaper landlords insurance?

Want better rates? A little extra time, research, and working with a broker can be worthwhile and help you reduce your premiums for landlord insurance. Use this advice to get better savings:

Bundle coverage: Combine your policy with other insurance coverage to qualify for a discount.
Multiple location discount: Insure your rental property with your main dwelling and all other properties to save on all.
Stay claims-free: Maintaining a clean record will help keep your costs down. Avoid filing unnecessary claims.
Understand your needs: Avoid over-insuring. Understand your requirements and choose the right limits for your situation.
Review quotes annually: Always review your options each time your policy comes up for renewal.
Update your policy: Notify your insurer of changes to your dwelling, occupant status, and information. It could reduce your rates.
Work with an expert: Our team will look at your options to help you find discounts and cost savings.

Landlord insurance FAQs

What's the difference between homeowners and landlord insurance?

While both policies offer similar types of coverage, the scope and focus vary. Home insurance protects your building, personal belongings, and liability. Landlord insurance protects your investment. The type of coverage offered is specific to renting out a property.

Is landlord insurance mandatory?

While it is not legally required in Ontario or Canada, it is highly recommended. Failure to have it in place could result in a denial of a claim. This is even the case if you live at the location. You could leave yourself exposed to additional threats.

Should landlords require tenants to get their own insurance?

We recommend that all landlords require tenants to have their own insurance. Even though tenants insurance is not legally required, it is highly recommended that landlords request that renters get their own insurance policy to cover their personal belongings. So, if something unforeseen happens, everyone is covered and financially protected.

Does rental property insurance cover occupant damage?

Yes. It typically covers damage by occupants. Check your plan to understand limits and what is and is not part of your plan. Insurers offer different types of coverage.

Does landlord insurance cover vacancies for a rental property?

Not every landlord policy includes vacant rental properties. Many insurers do offer vacant home insurance as an add-on.

How much landlord insurance do I need?

Every situation is unique. The size, type, and number of units all play a role in how much landlord liability insurance you require. Speak with our advisors about your specific rental property insurance requirements.

Save more on landlord insurance

Are you a landlord looking for rental property insurance in Ontario? We’ll help you find the best rates and coverage from the top insurance companies in Canada. Get started online or call us at 1-855-550-5515 to compare estimates and save more.

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Nolan Wilson

Content Marketing Manager

Nolan is a content marketing manager and writer at ThinkInsure. He has 15+ years of experience in the insurance industry, working with brokerages and direct insurers to create compelling insurance content, specializing in auto, home, and commercial.

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