The right rental property insurance can protect you from damage caused by many hazards, including fire, storm, burglary, and vandalism. Fully comprehensive insurance also includes liability insurance that covers injury or loss suffered by others as a result of bad or dangerous possession.
Liability insurance also covers court costs to cover personal injury – a valuable feature, as the cost of legal protection in these cases is usually much higher than the final claim for damages. You can also contact Ontarios #1 property insurance brokers via Reith & Associates.
The following list describes the three levels of coverage available for primary policies, all of which include liability insurance. Many insurance companies offer competitive insurance plans specifically designed to meet the needs of rental property owners.
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Basic Coverage: Most companies offer basic coverage that covers your rental property against damage from fire, lightning, explosion, storm or hail, smoke, airplanes or vehicles, riots or riots, vandalism, splash leaks, and even volcanic eruptions.
This layer often does not contain certain content such as boilers, devices and machinery, unless specifically added as permission. Depending on the type of property you own, you may need to consult with your insurance agent about additional coverage that may be useful.
Broad coverage: You get the basic package plus protection against glass breakage, falling objects, snow or ice, water damage due to pipe problems and collapse due to causes.
Special Forms: This coverage is the most comprehensive available and covers your property against all damages except those specifically excluded from the policy. These offer the highest level of protection but are usually more expensive.