Are You Renting Your Property? Landlord Insurance and Why You Need It

In a recent residential tenancy dispute decision, Millars Lawyers had a resounding victory in favour of the tenants that lived in a leased unit. The case concerned property damage caused by piping issues within the condominium unit that caused a significant flooding event.

Ultimately, no one was at fault for the damage caused. The landlords were not on the property when the damage occurred, and yet, they were still responsible for the $80,000 repair bill. Unfortunately for them, they did not have the relevant insurance policy and are now personally responsible for paying the entire amount.

 Millars Lawyers has found that many landlords have homeowner insurance, not landlord insurance. Homeowner insurance policies are designed with the expectation that you are living within your property, and often, do not cover damage caused to a rental property. To ensure that renting your unit remains profitable, and to avoid costly surprises, it is strongly advisable to maintain landlord insurance that covers your leased properties.

 Do you have questions about a landlord/tenancy Matter? Meet with one of our lawyers to discuss your rights and options by calling (403)-732-5638.

By Illya Shcherba, Student-At-Law

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