Non-occupant Owner Insurance
Are you renting your condo or your house? Make sure you protect what’s yours.
Our team of independent insurance brokers understands the reality of real estate investors like you. Whether you are looking for information on the necessary insurance for short-term home rentals or for your income properties, our team takes care of finding the best protections so that your investments are not at risk!
As soon as you no longer reside in the building you own, your standard home insurance policy is no longer sufficient. You must take out specific insurance for rental properties, which effectively protects your real estate assets and guarantees your income.
Types of coverage and options
Multiple coverages tailored to your situation.
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Civil liability
Civil liability protection covers you in the event of unintentional damage caused to other people or their property. It is essential coverage included in standard insurance policies, protecting you in particular in the event of civil law proceedings. It also covers all family members living under your roof and even extends beyond the walls of your home.
Your civil liability insurance amount is proof of your solvency. Don’t hesitate to ask your broker questions to ensure that your coverage amount is sufficient to protect your financial assets.
We recommend that you increase your civil liability insurance amount if you are staying outside Quebec and Canada to ensure that you have adequate protection when you are abroad.
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All risk coverage
The name says it all! All risk coverage (extended coverage) covers everything except the exclusions mentioned in your contract. In addition to civil liability, it protects you against most risks and unforeseeable incidents, especially those you don’t think about!
This package is highly recommended for optimal protection of your assets. As independent insurance brokers, we make sure to offer you maximum coverage to avoid unpleasant surprises when you file a claim.
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Rented personal property
This additional coverage protects the property you leave behind. This includes appliances such as the stove, refrigerator, washer, or dryer. You can also protect carpets and certain furniture included with the apartment.
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Designated risk plan
This type of coverage allows you to select the risks against which you want to be protected. You will therefore only be insured for the risks mentioned in your insurance policy. Usually, the most common risks are covered: fire, theft, vandalism, damage caused by windstorms, hail, smoke, etc.
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Floater insurance
This coverage allows you to insure certain items that have a higher value, be it sentimental or monetary. You can be sure that your valuable sports equipment or your new plasma TV will be well protected!
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Rental income
This protection covers your loss of rental income if a disaster occurs in the building, house or condo that you rent out.
Other option
Enhance your insurance with these add-ons to your policy that offer you even more protection, for optimal coverage that can handle any situation. These protections are not always included in standard packages, so it’s best to check and make sure they are included in your contract!
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Groundwater, sewer backup and overflowing waterways
Protect yourself in the event of flooding, groundwater infiltration, leaks, overflow, or accidental sewer backups. Some insurers limit insurance amounts or refuse to cover high-risk areas, so check with your broker!
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Above-ground water
This protection covers you in case of damage caused by water infiltration through the roof, doors, or windows above the foundation. It also covers overflow from gutters or downspouts.
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Earthquake
The risk of earthquakes is often considered minimal, yet they occur almost daily in Quebec. Despite popular belief, this protection should not be overlooked. This protection will insure your home against damage caused by earthquakes, as well as avalanches, rockslides, subsidence, and landslides.
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Umbrella insurance
This is excess insurance that you can add to your liability insurance, both for your home insurance and your auto insurance. Umbrella insurance is used to cover any “gaps” that may exist in your liability insurance policy. This additional protection is highly recommended for people who travel a lot. The coverage limit is then extended and your financial assets are protected, no matter where you are in the world.
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Legal assistance
Legal insurance allows you to benefit from financial assistance so you can quickly access legal services from the lawyer of your choice. With the goal of offering you peace of mind, this additional coverage will ensure that your fees are covered.
Answers to your questions
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How long should you keep insurance documents for non-occupant homeowners?
As a general rule, it is recommended that you keep the following documents for a period of three years:
- Insurance contracts;
- Polices ;
- Insurance premium invoices;
- Payment statements;
- Notice of maturity;
- Renewal documents;
- Claims reports;
- Receipts for payment of deductibles;
- Repair or replacement invoices;
- Expert reports and all other correspondence.
However, some documents, such as those related to major claims, may need to be kept for longer periods of time. Au besoin, votre courtier d’assurance saura vous indiquer la durée de conservation recommandée.
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Is non-occupant owners insurance mandatory?
Although it is strongly recommended in order to protect you financially, non-occupant owners insurance is not required by law.
However, if you have a mortgage, the lending bank may require you to purchase home insurance to protect their investment. And if you live in a condominium or subdivision, this type of insurance may be required by applicable rules and regulations.
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Can I cancel my home insurance at any time?
In Quebec, it is possible to cancel your home insurance contract at any time, subject to the specific terms of your insurance contract. Some contracts require 30 days’ notice before the desired cancellation date, while others allow the cancellation to take effect immediately.
To cancel your insurance contract, you can contact your AMR insurance broker, who will take care of the procedures with your current insurance company. You may also be required to pay a cancellation fee or penalty if it is specified in your policy.
Tips and advices
Why choose us?
When you choose AMR Assurances Multi-Risques, you’re opting for a team of insurance experts. More than just brokers, we are advisors who have your best interests at heart.
Our primary mission is to represent you with various insurers and to offer you a product that meets your needs. And because life moves fast, we negotiate to get you the best insurance contract at the best quality-price ratio to guarantee you peace of mind.
Don’t wait any longer!
We’re passionate about insurance
We compare the best protections
We speak your language
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