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Homeowner vs. Tenant vs. Landlord Insurance: What Is Covered?

Posted by  On July 18, 2022
What are covered under homeowner, tenant and landlord insurance?

Whether you own your own home, are renting, or are a landlord, having the right kind of insurance is essential. Having the proper insurance in place means you’ve got the financial protection you need if something happens to your home or a property you own.

At Archway Insurance, we sell several different kinds of property insurance. We can provide you with landlord insurance to protect any buildings you own and rent out, as well as insurance for homeowners and tenants.  

We’re experts in all things insurance, so allow us to explain the differences between homeowner, tenant, and landlord insurance, and what they cover. 

What does homeowner insurance cover?

Owning a home is likely the most significant investment you’ll ever make, which is why getting the right insurance is so important.

Standard homeowner insurance includes the following:

  • Dwelling protection for your home, as well as for other structures such as garages and sheds.
  • Personal property coverage for items such as your appliances, furniture, and even smaller possessions like clothes and books.
  • Liability coverage can provide financial protection if someone is injured on your property or if you accidentally damage someone else’s property.

You can also purchase optional homeowners insurance, including:

  • Identity theft restoration
  • Water backup
  • High-value items coverage (e.g., musical instruments, sports equipment, jewelry, etc.)

What does tenant insurance cover?

If you’re renting a home, you may think you don’t need any insurance, and that your landlord’s insurance covers everything. However, this isn’t true, as the purpose of landlord insurance is primarily to protect what is of interest to the landlord—the building itself.

With tenant insurance, you get coverage for two different situations:

  • Loss or damage to your personal belongings: Landlord insurance doesn’t provide coverage for these, so if you’re renting an entire house, you could be out a lot of money if your belongings are destroyed in a fire.

    You’ll have financial protection with tenant insurance, whether it’s for your favourite couch or the antique china you inherited.

  • Liability insurance: This kind of insurance provides you with financial protection if someone is accidentally injured by you or on your property. This kind of event may be covered by the insurance your landlord has, but it depends greatly on the circumstances.

    For example, if someone slips on a rug in a house you are renting and hurts themselves, you need tenant insurance to provide you with liability coverage!

What does landlord insurance cover?

Landlord insurance bears some resemblance to homeowner insurance, but it offers additional coverage. This type of insurance typically includes:

  • Dwelling protection: Protects the property your tenants live in, and protects other structures such as garages and sheds.
  • Liability coverage: For example, if a tenant injures themselves on your property. This coverage can help cover medical expenses for someone injured on your rental property.
  • Rental income coverage: This provides you with a reimbursement equivalent to the rental income you would be making if a rental unit is uninhabitable due to a covered loss and your tenants have to move out. 

You can also purchase additional insurance such as:

  • Vandalism coverage will pay to repair or replace damaged items if your rental unit is vandalized. 
  • Burglary coverage if your rental unit is broken into.
  • Insurance that covers your rental property while it’s under construction.
  • Insurance that is related to the enforcement of building codes.

How can Archway Insurance help me with property insurance?

Are you considering owning a property, either as a homeowner or landlord? Being a landlord can be a lot of work, but it can also be an excellent way to ensure you have a steady income. While owning a home may not offer the same financial benefits, it also involves its share of work. 

One of the first things you need to do if you want to become a landlord or homeowner is learn about landlord insurance or homeowners insurance. At Archway Insurance, we sell several different kinds of property insurance, including homeowner, tenant, and landlord insurance.

When you come to talk to us at Archway Insurance, we can explain the three main components of insurance that we offer landlords. If you purchase insurance through us, you will have all of the following protection for your rental properties:

  • Dwelling coverage covers either your rental building or house and any additional detached structures such as sheds and fences. Standard insurance protects against common perils like fire and wind, and you can upgrade your insurance policy to cover additional perils.
  • Personal property coverage will cover anything that you supply with the house, such as fridges, freezers, and stoves.
  • Liability coverage provides protection against liability claims for injuries or property damage that is suffered by a third party while on your rental property.

We can also explain to your other kinds of coverage you may want, including:

  • Earthquake damage
  • Overland water
  • Sewage back-ups
  • Rental income replacement

We’ll work with our insurance partners to ensure that your real estate investment is adequately protected. We can tailor your coverage to suit both your budget and your rental property! 

It’s Critical to Know How Property Insurance Works

We’ve now explained three different types of property insurance:

  • Homeowner insurance is designed to protect the property and the belongings of someone who owns their home.
  • Tenant insurance is designed to protect the belongings of someone who rents.
  • Landlord insurance is designed to protect everything from the property itself to the rental income of someone who owns a rental property and is the landlord for it.

At Archway Insurance, we’ll explain how property insurance works for homeowners and tenants, as well as those working as landlords. We’ll work with you and discuss what kinds of coverage you can purchase. 

After this discussion, we go to our insurance company partners to get you a customized plan to suit your specific needs so that you can protect your real estate investment.

Contact Us to Learn More

We’re here for all your insurance needs in New Brunswick, Nova Scotia, and PEI. If you’d like to learn more about landlord insurance, or any other kind of insurance we offer, you can call Archway Insurance at 1-833-536-0529 or contact us online. Make sure you have the financial protection you need with the proper insurance!

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