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Protect Your Rental Property

With Danielle Tkachyk, of Savante Insurance Inc

1. Insure the money
It is our experience that landlords acquire revenue properties to generate revenue! If your
rental property suffers an insured loss that displaces your tenant and results in downtime you
can receive replacement rental income.
 
2. Not all insurance policies are created equal.
A very likely cause of damage is tenant vandalism and you can purchase coverage against this
peril! So, when your tenant’s house party results in several broken windows and doors you can
limit the out of pocket expense and submit a claim.
 
3. Vacancy restrictions
Be advised if your unit is unoccupied the perils of glass breakage, water damage and vandalism
are excluded. Perhaps consider engaging a property manager to check on the premises daily?
 
4. Subrogation
If your insurer settles a claim, they reserve the right to seek reimbursement from the
responsible party. Savante Insurance recommends all renters obtain tenants’ insurance. For as
little as $60 annually their own policy would include liability to protect them in such an instance.
Some insurers are requiring tenants provide proof of insurance before considering the
prospective landlord.
 
5. Contents
Landlords may want to consider coverage for appliances such as the washer, dryer, stove,
refrigerator and dishwasher. Although repairs are affordable, the cost to replace the full suite of
stolen appliances can be distasteful.
 
6. Policy terms
Be sure to consult Savante Insurance for a clear understanding of the perils included/excluded
and the settlement terms as they can vary greatly! After a serious loss is the wrong time to gain
an understanding of the pros and cons of guaranteed rebuilding cost, replacement cost vs.
actual cash value!
 
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