Insurance company April Canada recently launched Landlord Protection insurance covering unpaid rents and damage caused by tenants. It is now available in Quebec and Ontario.
“Two of the biggest concerns for Canadian landlords are that the tenants do not pay their rents or that they find their rented property damaged at the end of the tenancy. These two risks are not addressed by the current insurance offering as historically, insurers have treated landlords like any other homeowners, which they are not,” says Charlotte Malaurie, national residential director for April.
She says the product insures against unpaid rents arising from rent arrears, the tenant’s death, or untenantable property “and other unfortunate situations,” as well as theft or damage caused by tenants – “whether accidental, malicious or not.”
The company says it was the first to insure properties listed on short-term rental platforms such as Airbnb across Canada in 2014 “and now we are excited to bring yet another exclusivity to the marketplace.”