Landlord Insurance in British Columbia
Acera Insurance 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.
Program for LandlordBC Members
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.
LandlordBC Insurance Program Eligibility:
- 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).
- You must be a LandlordBC member and each property must be registered with the association – Contact LandlordBC at 1.888.330.6707 or info@landlordbc.ca 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).
Providing the coverage landlords in BC need with our dedicated program.
Acera’s landlord insurance program for LandlordBC members consists of the following coverage:
- Pollution liability extension – $10,000 maximum limit
- 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.
- 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 rental contents is valued on a replacement cost basis.
- 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
- Damage caused by tenant vandalism.
- Increased costs due to by-laws extension – $50,000.
- Commercial general liability – $5,000,000 total limit
Discuss with a landlord insurance broker for a more detailed breakdown
Optional Landlord Insurance Program Coverage
Earthquake
Subject to a minimum of 10% deductible
Sewer & Drain Backup
Subject to a $2,500 deductible.
Ground & Overland Water
Subject to a $2,500 deductible.
Vacancy Permits
Increased coverage for contents, rental income, or outbuilding.
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.
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.
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