Tips for Landlords and Tenants

February 6, 2017

In this week’s blog, we cover the various guidelines and tips both landlords and tenants need to be aware of, so your course of living is a comfortable one.


Toronto’s housing market has reached unparalleled highs, leaving people to find alternative housing options. Many people, whether they’re living on their own, with a significant other or a family, find basement apartments a great start to independent living, while getting their feet wet in the precarious housing market in Toronto. Not only is it a benefit for tenants, but for the landlords as well. Mortgages are probably one of the first things on homeowners’ priorities list to pay off, and having a tenant can increase that ability to become mortgage-free sooner. But throughout the many benefits tenancy holds for both sides, there are some important things to note from an insurance perspective.
Whether you’re a landlord renting out an area of your home to a tenant, or a tenant yourself, here are some things you need to know.

1. As a Landlord, Let Your Insurance Company Know There’s a Tenant
One of the bigger mistakes many people can make as a landlord, is to not let their insurance company know they have a tenant occupying a unit of their home. Ultimately, if an accident were to occur on the tenants’ behalf, the landlord’s insurance can be voided, because of the fact that their insurance company wasn’t informed of occupants before. This is one crucial step every landlord must take, before receiving incoming tenants.

2. Don’t Assume Your Landlords Insurance Will Cover Your Belongings.
If you’re renting, it’s important to understand that your landlord will have their own homeowner’s insurance policy, that insures all the big stuff. However, in the event of an accident there are things that their policy will not cover for you. For example, jewelry, furniture and other personal belongings will not be covered in the event of an accident. This is a primary reason renters seek out insurance. If your belongings are lost, stolen or damaged, renter’s insurance provides protection on the tenants’ personal items.

3. Renter’s Insurance is Cost Efficient
It’s also important to note that renter’s insurance is easy on your wallet. This coverage is generally something the renters don’t think about; maybe because they don’t think that their assets are worth the expense of insuring, they didn’t think they would need it or maybe because they simply aren’t aware of the option. However, when renting a unit, there are always risks or unforeseen circumstances, where having insurance is a major asset. Renter’s insurance costs very little annually, so it makes sense to keep you and your possessions safe. Ask your insurance company about renter’s insurance coverage.

4. Do Your Research
Whether you’re a tenant looking for a suite or a landlord looking to rent, it’s crucial that both parties do their research beforehand. There are many different factors that include bylaws of safety and living, liabilities, how to properly screen tenants and the various rules of being a tenant. This commitment should be clearly understood on both sides, so no legal issues spring up on either side.

5. When in Doubt, Ask Your Broker
Searching for and receiving the proper insurance coverage for your circumstances, can often get confusing and/or time consuming for anyone. That is why having brokers like us at Bedrock, is an asset. We take care of all the work for you and make sure you’re fully informed and understand all your coverage options.

How We Can Help!
There are hundreds of different insurance companies out there offering you particular coverage. However, for those who either don’t know the ins and outs of insurance or don’t have a great deal of time in their day-to-day life to go hunting for proper insurance coverage, brokerages like us are able to eliminate that stress. Because we work closely with many insurance companies, we’re able to tailor to your specific needs. This is one aspect of our company that we pride ourselves on and that’s why so many people trust Bedrock to help them with their insurance. If you’re looking to get coverage on any scale, contact us today!

Contact Us: 416-907-2130