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Insurance and Risk Management To Protect Your Calgary Rental Investment

AspirePeak Properties

A Person Holding A Small House In Their Hand

With its thriving population of nearly 1,350,000, the city of Calgary boasts a vibrant rental market. Whether you own a single unit or multiple properties, rental investment protection in this area is essential.


Insurance and risk management are the cornerstone strategies to safeguard your property and ensure steady income in a dynamic industry. AspirePeak Properties is here to emphasize the roles of insurance coverage for landlords and rental ownership risk mitigation.


The Importance of Landlord Insurance and Liability Coverage


Landlord insurance is a type of insurance that protects rental property owners from risks associated with leasing out their properties. Having insurance is crucial for several reasons, including preserving property value. Unexpected events like fires, natural disasters, or vandalism can bring costly repairs, and landlord insurance does not leave you footing the bill.


Income continuity is another benefit. In circumstances where your property becomes uninhabitable due to damage, loss of rental income coverage helps offset financial strain. Lastly, if a tenant or visitor gets injured on your property, liability coverage can save you from legal and medical expenses.


There are different policies available, and choosing the “right” one depends on various factors, such as the type of rental property, location, and budget. It’s best to consult a trusted insurance agent to determine the right policy for your specific needs.


The Difference Between Homeowner’s Insurance and Landlord Insurance


Let’s say you own a residential property and get homeowner’s insurance. After some time, you decide to rent out the house. If you already have homeowner’s insurance, why should you still get landlord insurance? The answer is simple: because they have different purposes.


Homeowner’s insurance covers owner-occupied properties, while landlord insurance specifically addresses potential concerns when your property is rented out. Both insurance types cover property damage. However, homeowner’s insurance will only work if you live in the affected structure.


The same goes for belongings and liability. Landlord insurance is limited to landlord-owned items; should your personal belongings get damaged, you cannot use your homeowner’s insurance to cover the cost. If tenant-related casualties occur, you cannot rely on homeowner’s insurance to support you.


The big difference between the two is apparent when you experience a loss of rental income, which homeowner’s insurance does not cover in any way. Even if you live in your own rental property, you cannot leverage your homeowner’s insurance to help with the losses.


Having homeowner’s and landlord’s insurance is a comprehensive way to preserve your property and assets. They may be expensive, but their coverage will be a huge relief if you ever need them.


Strategies for Minimizing Rental Risk


Insurance does not mean you can let your guard down. Your policy is your safety net, but you do not want to face mishaps that would require you to use it in the first place. As such, you must have strategies for minimizing rental risk. Here are five tips for you:


  • Conduct Thorough Tenant Screening: Careful tenant selection is your first line of defense. Verify credit histories, employment records, and references to lower the likelihood of late payments or property misuse.

  • Regularly Inspect Your Property: Frequent inspections identify potential issues, reducing the risk of major repairs or replacements. Inspections must be non-intrusive and comply with tenant privacy laws.

  • Require Renter’s Insurance: Mandating renter’s insurance for tenants safeguards their belongings and limits disputes over liability.

  • Maintain Property to Code: Adhering to local building codes and safety regulations prevents legal complications and defends tenants from avoidable hazards.

  • Use Clear Lease Agreements: Outline tenant responsibilities, maintenance expectations, and procedures for reporting problems in a legally binding lease agreement.

AspirePeak Property’s Approach to Property Management Risk Reduction


At AspirePeak Properties, we understand that rental investment protection is more than just a priority — it’s the foundation of successful property management. Our approach to property management risk reduction gives all our clients access to optional and tailored insurance programs. We have policies that serve the needs of landlords and tenants alike. In Calgary’s growing market, this offering is one that sets us apart in the industry.


Do not fear the common threats of rental property ownership. As a client of AspirePeak Properties, you can trust us to minimize risks and maximize returns. Call (587) 997-1257 or contact us online for a free exclusive insurance review quote.


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