Dedicated Program for LandlordBC Members
Megson FitzPatrick is pleased to provide a specialized insurance program designed exclusively for landlord insurance in British Columbia. As the insurance provider of choice for LandlordBC, our program recognizes that members are responsible landlords, allowing us to provide broader coverage at very competitive rates. Since our founding, we have been driven by our purpose and guided by our values. We make all of our decisions based on our dedication to providing the best customer experience at any opportunity we get. You, as a responsible member of LandlordBC, work hard to generate a profit out of the properties you own, while also being a trustworthy landlord that looks after their tenants. Landlord insurance for members of LandlordBC looks different than your ordinary home or property insurance.
At the end of the day, all that we do boils down to integrity. If we’ve made a mistake or if we realize there’s a better way to give you the insurance solutions you deserve, we’ll own up to it, solve it, and change it. Above it all, we want to be honest, transparent, and upfront with our clients. There are no mincing words. You deserve landlord insurance that is suited to your needs and how you manage your properties.
Get a free landlord insurance quote and read more about Megson FizPatrick’s dedicated program to meet your landlord insurance needs.
Get a Quote
LandlordBC Insurance Program Eligibility:
- You must be a LandlordBC member and each property must be registered with the association – Contact LandlordBC at 1.888.330.6707 or [email protected] to discuss enrollment eligibility.
- Available for residential rental properties anywhere in British Columbia.
- Oil Tanks – above ground less than 20 years old – quote available for older tanks, subject to the new tank being installed within 30 days.
- Designed for buildings containing 10 or less self-contained residential rental units. (Ask us about similar coverage for larger buildings).
- Coverage is NOT available for rooming houses defined as one self-contained unit with multiple unrelated tenants (i.e. various people, each occupying a bedroom and sharing the rest of the unit-each paying rent).
Landlord Insurance Coverage
Note: landlord insurance is like home insurance, but there are a few considerable differences you’ll need to note. Home insurance, for one, is designed with the expectation that you as the homeowner will be occupying that dwelling. Landlord insurance, on the other hand, is insurance to cover property owners from a financial loss at their rental properties. It will protect you from things like loss of rental income, liability arising from the ownership of your property, coverage for the building, and any contents you own on the building.
Landlord insurance will not cover your tenants’ personal belongings, nor will it cover your tenant’s liability. You may wish to include a clause in their lease that states they will need to carry their own tenant insurance before they may rent.
What exactly does tenant insurance cover?
Well, Tenant insurance program includes:
- Damage to the physical property. This includes the walls, any fixtures, heating and cooling systems, and furniture (if the units are furnished) – subject to the terms of the individual policy. Your landlord insurance may also cover damages to external structures, such as signage, landscaping, sheds or storage lockers, and so forth.
- If you are held legally liable for property damage or injuries to a third party and a claim arises due to your ownership of the property, your landlord insurance’s liability portion would help you out and cover your legal expenses.
- Should a covered loss occur, and your tenants are forced to evacuate from their units temporarily while repairs are being done or the building is being restored, your landlord insurance may cover your loss of rental income.
Megson FitzPatrick’s landlord insurance program for LandlordBC members consists of the following coverage. Discuss with a landlord insurance broker for a more detailed breakdown:
- All-risks property coverage, except as excluded in policy wordings.
- Building sum insured covering for full replacement cost. Guaranteed Replacement Cost may be available, please ask for details.
- Allowance for up to 10% of the building sum insured to be applied to rental contents (i.e. appliances, window coverings, etc.) and/or rental income. These extensions are included in the total value and DO NOT increase the amount payable under the policy.
- Damage to rental contents is valued on a replacement cost basis.
- Loss of gross rental income arising from an insured peril – up to a 12-month period. Option to increase to 18 and 24 months.
- Damage to outbuildings, garages, and sheds is insured to 10% of the building sum insured. This extension increased the total amount payable under the policy.
- Water damage – subject to a $2,500 deductible.
- Illegal substance activity extension – $50,000 maximum limit.
- Debris removal extension included in the sum insured
- Increased costs due to by-laws extension – $50,000.
- Damage caused by tenant vandalism.
- Commercial general liability – $5,000,000 total limit
- Pollution liability extension – $10,000 maximum limit
Optional Landlord Insurance Program Coverage
Subject to a minimum of 10% deductible.
Ground & Overland Water
Subject to a $2,500 deductible.
Sewer & Drain Backup
Subject to a $2,500 deductible.
Increased coverage for contents, rental income, or outbuilding.
Contact our LandlordBC Specialist Mike Nichol today to learn more or to request your free Landlord Guide. The landlord guide is a great resource, full of tips on how to deal with tenants, minimize lawsuits, find and retain the ideal tenants, and more.
Landlord Insurance FAQs
Landlord insurance is a necessity, whether you’re a LandlordBC member or not. If you rent out a property you own to tenants or even a portion of your own dwelling, you should have landlord insurance to protect your assets. Here’s a list of some of our most frequently asked questions.
Should tenants have their own insurance? Will my insurance cover tenants?
Landlord insurance is designed to cover the landlord’s liability and the common areas of the building, as well as anything not owned by tenants. It will not cover your tenants if a fire occurs, and their belongings are damaged as a result. For this, they would need their own separate tenant insurance policies. It’s not mandatory for tenants to carry insurance but, as the landlord, you can request they purchase it as a clause contained within their lease.
How much does landlord insurance cost?
Prices will vary depending on what is covered, as well as the overall value of your property and where it is located. Your best bet for receiving the lowest available rates for your landlord insurance is to discuss with a landlord insurance broker. Megson FitzPatrick’s LandlordBC specialists are available to discuss your needs with you and insurance to minimize lawsuits, retain tenants, and protect your investment. If you are thinking about becoming a landlord or renting out a second property to tenants, consider landlord insurance a baseline cost – just the same as you would any maintenance and upkeep costs. It’s imperative to your survival as a landlord.
What won’t landlord insurance cover?
Landlord insurance won’t cover anything specifically excluded in your policy, as well as several other commonalities between insurance products. That includes acts of war, civil unrest, infestation, damages to wear-and-tear, and more. Moreover, landlord insurance will not cover a tenant’s belongings, nor will it cover their liability. Landlord insurance is specifically designed only to cover your property or the common areas of your building, property that belongs to you and/or is original to the property, your liability, and potential loss of rental income.
Why should I purchase landlord insurance?
Whether you’re a landlord now or you are planning to become a landlord, purchasing insurance is a secure way to protect your investment and guarantee your continued future as a landlord. Being a landlord is a profitable way to make the most out of the properties that you own, but it comes with risks, and it can be challenging as well as time-consuming. Don’t let your hard efforts go to waste. Purchase landlord insurance.
Areas We Serve
- Campbell River
- Cordova Bay
- Dawson Creek
- Fort St. John
- Gulf Islands
- Oak Bay
- Port Alberni
- Powell River
- Prince George
- Prince Rupert
- Salmon Arm
- View Royal
- White Rock
- Williams Lake
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