For savvy real estate owners, apartment buildings, condo units, or even townhomes and single detached homes aren’t just attractive residences in some of the most coveted locations in Atlantic Canada. These are also rewarding financial investments and sustainable sources of income.
Many Canadians acquire a second property, such as apartments, condo units, and even houses, which can easily be flipped and rented out for extra cash, or with multiple investments, provide steady income. But this requires opening up your second home to tenants whose living habits can damage property, or being responsible for building and amenity maintenance or repairs.
The underside of owning a lucrative rental property is the risk that comes with it — most tenants move in as strangers and transform the property into their own living spaces. Combined with high-risk habits, the wear-and-tear of their daily activities could easily damage your property. So, how do you recover your investment and ensure a steady stream of rental income?
Rental property insurance protects you and your rental income from these risks. This comprehensive real estate protection plan equips you with the necessary financial coverage for extensive building repairs or restoration following an accident or disaster. It also shields your income and savings from the financial impact of a liability claim. Rental property insurance protects both your real estate investment and long-term income.
For complete protection of your real estate investment and ongoing income from your rental property, consider additional coverage for other extreme perils. These include earthquake damage, overland water, and sewage back-ups.
Coverage is also available for rental income replacement to recover lost earnings and secure your livelihood after a major accident or disaster that requires tenants to vacate your rental property.
At Archway Insurance, our brokers are committed to helping you reap the rewards of your savvy real estate investment. We work with major Canadian providers to present you with various policy options and tailor coverage requirements according to the size of your property, rental income, and budget. Our goal is to help you earn a stable rental income and secure your financial future with comprehensive rental property insurance. Trust our brokers to advocate for you and your rental unit, thanks to a smooth recovery from property damage and income losses.
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