Comparing Landlord Insurance for Rental Properties
Compare personalized insurance quotes through licensed brokers we trust.
Table of content
Landlord Insurance Made Simple
Owning a rental property can be a smart investment, but it also comes with its share of risks. From tenant damage to unexpected repairs or liability claims, a single incident can disrupt your rental income and erode your returns. Landlord insurance helps protect your property, your cash flow, and your peace of mind when the unexpected happens.
Unlike standard home insurance, landlord policies are designed for income-generating properties such as rental homes, condos, and apartments. The right coverage shields you from financial loss due to property damage, tenant disputes, or lost rental income, ensuring your investment stays secure.
This guide explains how landlord insurance works in Canada, what it covers, and how to compare providers so you can find reliable protection that fits both your property and your budget.
What Canadians are Saying
Helping Canadians simplify insurance decisions, compare providers with confidence, and secure the right coverage at the best value.
It was about time a comparison tool like this appeared on the Internet. It’s the tool that’s been missing for 15 years!
Great website to enhance your financial well-being. They provide great comparison tools and have fun/interesting blogs to help you succeed in your financial goals.
Excellent website!!, everyone should have this bookmarked, an answer to every financial question..
Excellent application for taking control of your financial future and saving money thanks to all the tools it puts at our disposal.
Very good way to compare different financial products. Offers a great overview of all the services available in Canada. Worth the detour for those looking for added value.
How to Compare Landlord Insurance Quotes with Hardbacon
Getting personalized landlord coverage in Canada is simple when you follow these steps:
Provide Property Details
Enter basic information about your rental property, such as location, building type, and number of units. This helps brokers generate quotes specific to your property.
Compare Multiple Quotes
Our trusted partners present offers from leading insurers so you can review premiums, coverage options, and add-ons like liability protection or loss of rental income.
Choose the Best Fit
Select the policy that balances price and protection. Consider whether you need extras like sewer backup coverage or short-term rental protection.
Activate Your Policy
Finalize your choice with broker support. Once your policy is active, your investment is protected, and your rental income is more secure.
Understanding Landlord Insurance in Canada
Renting out property can be profitable, but it also exposes you to risks that a tenant’s insurance or a standard home insurance policy will not cover. Landlord insurance fills that gap. It protects the building itself, shields you from liability if a tenant or visitor gets injured, and can replace rental income if the property becomes uninhabitable after a covered loss.
Coverage needs also vary depending on the type of property you own. A condo, detached house, or multi-unit building each comes with different risks and insurance requirements. When you finance a rental, your lender will usually ask for proof of insurance at closing to make sure the property is protected.
Comparing policies shows you how coverage can be tailored with options like sewer backup protection, short-term rental coverage, or higher liability limits. Since every property comes with its own set of risks, the next step is to match coverage to the type of rental you own.
Matching Insurance to Your Rental Type
Different types of rental properties need different landlord insurance policies. Landlord insurance can cover various types of properties, including residential homes, commercial spaces, and multi-unit complexes. Apartments and apartment buildings are also common types of rental properties that need appropriate insurance coverage to protect against damages and liabilities. For properties used for short-term rentals, adding specific coverage for vacation rentals or Airbnb insurance may be necessary. Short-term rental insurance is specifically for properties rented out periodically, such as through Airbnb. Commercial landlord insurance is designed for owners of commercial properties such as office buildings, retail spaces, or warehouses. Additionally, flood coverage can protect the property from flood damage, though it’s not always included in standard policies.
Specific needs, such as Employee Dishonesty Coverage or Medical Payments for accidents occurring on the property, can influence the choice of insurance. Matching the insurance to the rental type ensures that landlords have the right coverage for the unique risks associated with each property.
Understanding Coverage Types
Landlord insurance typically includes three main types of coverage that protect property owners from various risks associated with renting out their properties. Understanding these coverage types can help landlords choose the right policy to safeguard their investment and rental income.
-
Dwelling Protection
Dwelling protection covers the rental building itself, along with attached or detached structures and built-in fixtures. Items you own inside, like appliances or furnishings, are usually covered under a separate personal property option. This coverage helps protect against insured events such as fire, bad weather, or vandalism.
-
Liability Coverage
Liability coverage addresses legal responsibilities for injuries or damages that occur on the rental property. It covers legal fees, medical bills, and potential settlements if the landlord is found legally liable for accidents or injuries sustained by tenants or visitors on the property.
-
Loss of Rental Income
Loss of rental income coverage compensates landlords for lost rental income when properties become uninhabitable due to an insured loss or covered event, such as fire or severe weather. This ensures landlords can maintain cash flow even when repairs are underway.
-
Additional Coverage Considerations
While landlord insurance protects the property and liability risks, it typically does not cover tenants’ personal belongings, such as furniture and electronics. Tenants insurance is recommended for renters to protect their own property. Optional add-ons like sewer backup coverage and earthquake coverage can provide further protection against specific risks, ensuring landlords are well-covered for unexpected events.
Top 5 Landlord Insurance Companies in Canada
Landlord insurance protects rental property owners against property damage, liability claims, and loss of rental income. Canada’s leading insurers offer solutions ranging from affordable core protection to fully customizable policies for multi-property landlords.
Intact Best for Comprehensive Coverage
Intact offers broad landlord insurance coverage backed by Canada’s largest property and casualty insurer, including protection for property damage, liability, and rental income loss, with extensive optional endorsements.
Pros
- Wide range of coverage options
- 24/7 claims support
- Highly customizable endorsements
Cons
- Premiums may be higher than average
Why It Stands Out
Market-leading coverage depth supported by one of Canada’s strongest claims networks.
Economical Best for Cost Savings
Economical provides solid core landlord protection with competitive pricing and savings opportunities through bundling and claims-free discounts.
Pros
- Competitive premiums
- Bundling discounts available
- Reliable core protections
Cons
- Fewer optional add-ons than some competitors
Why It Stands Out
Affordable landlord coverage focused on essential protection and cost control.
Wawanesa Best for Customer Service
Wawanesa is known for strong claims support and personalized customer service, offering landlord coverage with dependable assistance when issues arise.
Pros
- Highly rated claims service
- Strong reputation for customer care
- Dedicated support lines
Cons
- Online tools less advanced than larger competitors
Why It Stands Out
Consistently strong customer service and reliable claims handling.
Aviva Best for Flexible Coverage Options
Aviva provides adaptable landlord insurance that covers single properties, condos, and multi-unit buildings, with a wide range of endorsements for unique risks.
Pros
- Broad variety of policy structures
- Strong national presence
- Experience with multi-property landlords
Cons
- Premiums can vary significantly by property type
Why It Stands Out
Highly flexible coverage suitable for both small and diversified rental portfolios.
Co-operators Best for Community-Focused Protection
Co-operators combines landlord insurance with a cooperative, member-focused model, offering tailored protection and financial stability across regions.
Pros
- Community-oriented cooperative structure
- Flexible coverage add-ons
- Strong financial backing
Cons
- Availability may vary by region
Why It Stands Out
Balanced landlord protection delivered through a community-first approach.
Key Considerations for Choosing Landlord Insurance
Choosing landlord insurance isn’t just about finding the lowest premium. The right policy depends on your property, location, and the risks you want covered. Keep these factors in mind when comparing options.
-
01
Understand Coverage Levels
Landlord insurance policies range from basic to comprehensive. Basic plans cover the essentials, while comprehensive options add broader protection for property, liability, and income.
-
02
Add Optional Protections
Consider extras like sewer backup, water damage, or legal assistance. These add-ons protect you from costly risks that standard coverage may leave out.
-
03
Review Liability Coverage
Adequate liability protection is crucial if a tenant or visitor is injured. Higher limits may be worth it to protect your assets against unexpected claims.
-
04
Keep Property Well-Maintained
Insurers expect landlords to keep properties in good condition. Regular upkeep reduces risks, avoids denied claims, and can help keep premiums lower.
-
05
Factor in Property Location & Value
Premiums are influenced by where your property is located and how much it’s worth. Higher-value properties or those in risk-prone areas usually cost more to insure.
-
06
Match Policy to Property Type
Detached homes, condos, multi-unit buildings, and short-term rentals all have different insurance requirements. Tailoring coverage to the property type ensures the right protection.
Tips for Saving on Landlord Insurance
Saving on landlord insurance is possible by taking several practical steps that can reduce your premiums and keep your costs manageable. Here are some effective strategies landlords can use to lower their insurance expenses while maintaining the right coverage:
Combine your home and landlord insurance policies to take advantage of significant savings.
Increase your deductible amount to quickly lower your monthly insurance costs.
Handle small expenses yourself to avoid filing minor claims that could raise your insurance rates.
Keep your rental property well-maintained with regular updates, such as roofing and plumbing, to show insurers it is low-risk.
Shop around and compare landlord insurance quotes from multiple providers to find the best rate and coverage.
Benefit from policies that reduce your deductible amount when you have claim-free years, providing additional savings.
Install security systems, smoke detectors, and carbon monoxide alarms to reduce risk and potentially lower premiums.
Keep detailed records and photos of your property’s condition to support claims and speed up the process if needed.
Regularly review your policy to ensure it matches your current rental situation and property value.
Carefully screen tenants to reduce the risk of property damage or liability issues, which can impact insurance claims and costs.
Frequently Asked Questions
-
What does a comprehensive landlord insurance policy typically cover?
A comprehensive landlord insurance policy typically covers liability, property, rental income, contents, and equipment. This ensures protection against various risks associated with renting out property.
-
How can landlords save on insurance costs?
Landlords can effectively save on insurance costs by bundling policies, increasing deductibles, and maintaining property well. Additionally, handling smaller expenses out-of-pocket and comparing multiple quotes can lead to further savings.
-
What is rental income insurance?
Rental income insurance, or ‘fair rental value’ coverage, protects landlords by compensating for lost rental income if their property becomes uninhabitable due to an insurable event. This coverage ensures financial stability during unexpected disruptions.
-
Are tenants responsible for paying rent during repairs after a natural disaster?
Whether tenants must keep paying rent during disaster repairs depends on where you live and if the unit is still liveable. In some provinces rent stops if a place cannot be occupied, while in others tenants keep paying until the lease is ended.
-
How does landlord insurance differ from home insurance?
Landlord insurance differs from home insurance in that it’s specifically designed for rental properties, providing coverage for the property when the owner is not living there, whereas home insurance is meant for owner-occupied residences and includes personal property protection.
Final Thoughts
Landlord insurance is an important safeguard for both your property and your rental income. The right policy covers damage, liability, and tenant-related losses, while optional add-ons like sewer backup or overland flood can provide extra peace of mind. Most policies also include loss of rent coverage, and requiring tenants to carry their own insurance can further reduce your risk.
By comparing quotes and tailoring coverage to your property type, you can find affordable protection that keeps your investment secure and your cash flow steady for years to come.
Noel Feghali is a leader in Canada’s insurance technology space. He is the President and Co-Founder of Panda7, a digital brokerage that enables consumers to compare and purchase insurance fully online. He also serves as VP Technology at LMBF, where he oversees digital transformation and operational modernization across multiple brokerage divisions. In addition, Noel sits on the Board of Directors of CSIO, contributing to national standards and industry-wide innovation in insurance technology.
Find the Best Landlord Insurance in Canada
See how much you could save on landlord insurance today.
Insights and useful articles
Hardbacon makes managing your money easier by combining comprehensive financial tools, unbiased comparisons and personalized insights.
Car Insurance Quotes for Bad Driving Records: What You Will Pay and How to Pay Less
Two speeding tickets and one at-fault fender-bender, and the renewal quote lands 40% higher than last year. That is how a bad driving record shows up: not as a refusal, but as a number that stings. The record itself is…
How Much Is a Deductible for Car Insurance in Canada?
Most Canadian drivers carry a car insurance deductible between $500 and $1,000, and $500 is the common default in Ontario (BrokerLink, March 2025). The full range you can be offered runs from $250 to $25,000 (Desjardins, March 2026), though almost…
Car Insurance Quotes for New Drivers in Canada (2026)
How much a new driver pays for car insurance in Canada depends on two numbers, and only one of them is about you. The first is the multiple: expect roughly 3 to 6 times what an experienced driver with a…
Best Car Insurance If You Have Speeding Tickets: What Actually Changes Your Rate
You got the ticket months ago, forgot about it, and then your renewal lands two hundred dollars higher. That is how a speeding ticket usually hits your car insurance: quietly, at renewal, once your insurer pulls your record and sees…
Best Car Insurance for Low-Mileage Drivers in Canada
Low mileage car insurance can help Canadians save money when they spend less time on the road. Whether you work from home, drive a second vehicle, or simply have a short commute, many insurers offer discounts and specialized programs designed…
10 Steps To Sell Your House Fast in Canada
Are you looking to sell your house fast in Canada? Then you’re in the right place. In this ultimate guide, we take you step-by-step through the process. Plus, we give you online resources that will help get your home sold……
The Pros and Cons of Reverse Mortgages in Canada
If you’re a homeowner age 55 or older and in need of cash, you may want to consider a reverse mortgage. Reverse mortgages in Canada are a way for homeowners to access funds to cover living, travel and other expenses.…
How to Buy Half Your Partner’s House
A few years ago, your partner proudly bought her own house to live in with her son. Since then you two have met and she’s asked you to move in with her. Since cohabitation is going well at her place,…
Bridge Mortgage: Buy a New Home Without Having Sold the Old One
You’ve found the home of your dreams. The only problem is you haven’t closed the sale on your existing property. And, you need the equity in your home to buy the new place. You can’t get the money until you…
Closing Costs: Your Checklist When Buying a Home in Canada
Buying a house is a huge, complicated decision. Even after saving their money and researching mortgages, homebuyers often forget one key expense: closing costs. During a real estate sale, closing costs are the expenses that are incurred in addition to…
The 5 Easiest Banks to Get a Loan From in Canada
If you have ever found yourself in need of a personal loan, you probably found that different banks have different criteria for being approved. When you are in a financial pinch, you want to know exactly which institution will approve…
KOHO vs EQ Bank: Which One Takes the Crown?
It’s time to compare two of Canada’s leading neobanks – KOHO vs EQ Bank. Loyalty is an excellent quality to have, except when it comes to your cash. Sticking to one of the Big Five without exploring other options is…
The 10 Best Banks for Students in Canada
The best bank for students in Canada shouldn’t just give you a free account with unlimited transactions, it should reward you too. Why? Because people rarely change banks, even when there are better deals out there. That makes you a…
KOHO vs Neo Financial: Who Wins the Battle for Your Buck?
Both KOHO and Neo are Canadian fintech startups that offer out-of-the-box digital banking services. These two platforms are becoming increasingly popular among millennials and younger Canadians because they provide an alternative to traditional banking with low or no fees, a…
The 6 Best Online Banks in Canada for 2024
Online banks are digital institutions that do not rely on physical branches. With lower operating costs than their brick-and-mortar counterparts, online banks are able to pass the savings on to us in the form of lower fees and higher interest…
The 5 Best Free Canadian Tax Softwares
For most people, doing their taxes is a thankless task. Fortunately, there are free tax software programs that make it easy to calculate and file your taxes online. We recommend that you choose a software that is easy to use,…
The 6 Best Tax Return Software in Canada
To file quickly, easily, and without a blinding migraine, choosing the best tax return software in Canada is crucial. Tax season is the most dreaded time of year, with many of us hoping to bypass the annual state of confusion…
The New Guide to Old Age Security
What is Old Age Security? Times are tough, especially when you stop working. Your income goes down while prices go up. Old Age Security (OAS), sometimes called Old Age Pension, is money you might receive from the government when you…
What Is the Cost of a Divorce in Canada?
Going through a divorce can drain you emotionally and financially. By understanding the costs involved, you can decide what to fight for and what to do yourself. In Canada, divorce costs can vary from $1,000 to $25,000 and up, depending…
Ontario Staycation Tax Credit: What You Need To Know in 2022
If you are a resident of Ontario and are planning a short trip anytime soon, you may consider opting for a staycation in the province. At least you get to receive some money back from the Ontario government for enjoying…
The 24 Best Paid Survey Sites in Canada
Paid survey sites in Canada can help everyone make some extra cash these days. Having 24/7 access to the internet makes earning side money easier than ever when you know how to do it. Do you? How much can you earn…
The 40 Best Personal Finance Books
Reading ranks as one of the most popular hobbies in Canada with more than half of Canadians claiming to read between 1 and 5 books per year, some people reading up to 50. It’s a habit that many successful people…
40 Finance Podcasts Every Canadian Should Listen To
Your headphones can make you wealthy. If you want to achieve financial independence, you need to level up your financial literacy. But who has time to find and read all the personal finance content out there? As a busy working…
The 20 Best Financial Independence and Early Retirement Blogs In Canada
To achieve financial freedom, you can earn more money with a side hustle, or you can forget and relearn everything you think you know about money. Canadians have questions, and they turn to places like Reddit or personal finance blogs…
Top 65 Money Influencers in Canada
At Hardbacon, we like to share content that helps you bring home the bacon. And a lot of this content is created by Canadian influencers, who also want to help you get richer. So we decided to compile a list…
Your financial journey starts here.
Sign up for our newsletter and get practical tips, tools, and insights to help you make better money decisions.
Thank you for subscribing to Hardbacon’s newsletter!
