Rented condo insurance is landlord insurance customised for renting out a condo unit. Unlike traditional rented property policies, it covers only damages, losses, or liabilities related to the unit itself — the condo corporation covers common areas. Coverage is customisable; needs vary by unit location (for example, ground-floor units may benefit more from overland water coverage).
Common coverages for a rented condo insurance policy include:
Specialized coverage built around your rental property, its contents, and liability protection.
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Will My Home Insurance Policy Protect My Rental Property, or Do I Need Landlord Insurance?
No, your standard homeowners insurance policy will not properly protect your rental income property, and you can end up voiding your policy if you don't inform your insurance provider that you are renting it out. There are certain risks and liabilities associated with renting out living spaces that home insurance policies don't cover, so it's best to speak to your Morison Insurance broker about getting the right rental property insurance quote, such as rented condo insurance.
How Does Rented Condo Insurance Differ From Traditional Rental Property Insurance?
In a typical landlord policy, you would own the entire building and/or property. This means you would need to be covered for any damage done to the building and property. Unless you own the entire condominium building, as a landlord with a rental condo unit, you are just responsible for the unit and any appliances, HVAC systems, and fixtures that come with the unit. The condominium would cover the insurance for any common areas.
Let’s say, for instance, someone is visiting the tenant but slips and falls. In a traditional landlord policy, as the landlord, you could be held responsible regardless of whether it happened inside or outside of the home. But with rented condo insurance, Ontario landlords would only be held liable if the incident occurred inside the condo unit, with the condo corporation being held responsible if the incident occurred in the building’s common area.
What Is the Difference Between Rental Insurance and Rented Condo Insurance?
Rental insurance (renters insurance/tenant insurance) is for people renting a space — it covers the tenant's contents from loss or damage and personal liabilities. Rented condo insurance (landlord insurance) is for the condo unit owner/landlord — it covers costs of loss, damage, or liabilities for the property itself. Both terms sound similar but serve very different needs. A Morison broker can help determine which one is needed.
Should I Require Tenant Insurance for My Rental Dwelling if I Have Rented Condo Insurance?
Ontario landlords should encourage tenants to get their own insurance policies. Rented condo insurance covers repairs, income loss, theft, vandalism, medical bills, or legal expenses related to incidents that impact the property — but does not cover the tenant's personal contents. Without renters insurance, a tenant whose belongings are destroyed in a fire must pay out of pocket to replace them. Requiring proof of tenant insurance in the rental/lease agreement is not legally mandated, but is a recommended practice.
