8) Insurance
Protect Your Investment
A landlord insurance policy covers the physical structure of the rental property and landlord-specific risks such as loss of rental income, tenant damage, and third-party liability and is a requirement of closing.
It's advisable to have at least $2 million in general liability coverage given recent inflation and today’s replacement costs.
For a typical landlord insurance policy in Calgary, expect to pay:
Condo: $650 - $1,000 (I’m paying about $700 for my Calgary condos)
Townhome (Condo): $800 - $1,200
Townhome (Freehold): $1,000 - $2,000
Detached & Semis: $1,200 - $2,500+
You often are required to provide a copy of your Condominium Insurance for contents, liability and betterments/improvements showing First Loss Payable to your mortgage provider. Your lawyer will tell you what is required and have your insurance provider add this to your policy.
Insurance Broker
Consult with an experienced insurance broker for advice tailored to your specific situation as there are many factors that can impact pricing and coverage.
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