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Whether you own a home, rental property, commercial building, or are planning new construction in Ontario, having the right insurance coverage plays an important role in protecting your investment. Each type of property comes with different risks, and standard insurance policies may not always address every situation. That’s why building owner insurance options exist, to help provide coverage that aligns with your property type and ownership goals.
Below, we outline the most common types of building owner insurance available in Ontario and key coverages to consider when reviewing your options.
Types of Building Owner Insurance in Ontario
1. Homeowners Insurance
If your property is your primary residence, homeowners’ insurance typically provides foundational protection.
A standard policy may include:
➡️ Coverage for the physical structure
➡️ Coverage for personal belongings
➡️ Personal liability protection
This type of insurance is designed to help manage financial risk related to unexpected events such as fire, theft, or certain types of weather damage, subject to policy terms and conditions.
2. Landlord Insurance (Rented Dwelling Insurance)
Owning rental property often comes with additional considerations, including tenant occupancy and property maintenance responsibilities.
Landlord insurance may include:
➡️ Coverage for the building
➡️ Landlord-owned contents, such as appliances
➡️ Property liability coverage
➡️ Optional loss of rental income coverage if the unit becomes temporarily uninhabitable due to a covered claim
This type of coverage is commonly recommended for rental homes, condos, apartments, and multi-unit residential properties across Ontario.
3. Commercial Property Insurance
For business property owners, commercial property insurance offers coverage designed for commercial operations.
Coverage may include:
➡️ The building and attached structures
➡️ Business equipment and inventory
➡️ Commercial general liability
➡️ Optional business interruption coverage
This type of policy can be customized based on your business activities and property use.
4. Builder’s Risk Insurance
If you’re building a new property or completing major renovations, builder’s risk insurance may help cover losses during the construction phase.
Coverage may include:
➡️ Damage to the structure while under construction
➡️ Materials, supplies, and equipment on site
➡️ Losses caused by events such as fire, vandalism, or certain weather-related incidents
This coverage typically applies from project start through completion, subject to policy terms.
Key Coverages to Consider:
When reviewing building owner insurance options, it’s important to discuss:
✔️ Building Coverage: Helps cover repair or rebuilding costs after a covered loss
✔️ Liability Insurance: Provides protection if a claim is made due to injury or property damage
✔️ Loss of Income or Rental Coverage: May help offset lost rent following a covered claim
✔️ Equipment Breakdown Coverage: Can help cover mechanical or electrical failures in key building systems
Need Guidance?
Working with a licensed Ontario insurance broker can help ensure your coverage reflects your property type, usage, and risk profile. Contact our team today to explore building owner insurance solutions designed for Ontario property owners.
Request a Commercial Quote HERE or give us a call at 1-800-263-9870.
If your claim occurs outside of our regular business hours, please contact your Insurer on their 24-hour claims hotline HERE!