Online Rental Property Insurance

Your current homeowner’s policy may allow you to rent your property to a guest, but it is important to keep in mind that each insurer will have their own restrictions and requirements set out. No matter what kind of space you are renting, we will help you find the right type of coverage to protect you from any bad blind dates in your future.

The Commercial Use Coverage You Need

Standard homeowners and tenants policies are designed and sold for personal use, not commercial use. If you rent your property out on a regular basis and your spare room turns into a money printing machine, many insurance companies will consider this a commercial use of the property. Whether it is making changes to your existing policy or adding a home-sharing liability policy, we will help you find the right coverage to help you sleep at night.

Issues with Airbnb Provided Protection

Your landlord will carry landlord insurance to cover the structure you live in, common areas, even liability that could result from an injury claim. This coverage will not extend to your personal belongings or your liability for that matter. If you are already using Airbnb’s services, you may have been coaxed into the false assumption that you are fully covered by them. They offer two forms of coverage: Host Guarantee and Host Protection Insurance:

Host Guarantee

Included at no cost, Airbnb backs every one of its bookings with its Host Guarantee program. Airbnb claims this program will reimburse eligible hosts for damages up to $1,000,000. That being said, Airbnb will be the first to admit that this isn’t insurance, that it should not be viewed as such and in any way, shape or form, and should not replace or stand in for homeowner’s or tenants insurance. Some issues with host guarantee are:

  • A host will have to make a claim on their own insurance policy before host guarantee will intervene
  • Any sum collected as a security deposit will be deducted from guarantee
  • Will only replace or repair covered property damaged during time of online booking
  • Items excluded include cash, collectibles, jewellery, pets, watercrafts or any damage to property that is not considered an accommodation

Host Protection Insurance

This program provides primary liability coverage for up to $1,000,000 per occurrence in the event of third party claims of bodily injury or property damage. You, as a host, need to be skeptical of this as some issues that may arise are:

  • Intentional acts that aren’t the result of an accident aren’t covered
  • The fine print for this insurance is not readily available for hosts to view. The policy is subject to limitations and exclusions. You may be left open to a coverage gap that you aren’t aware of or you may not know what is covered and what is not covered.
  • Personal property of guests is not covered
  • Damage caused by guests may not be covered

While the convenience and potential profitability using the services of Airbnb can be enticing, it is not without its faults. Avoid the potential financial fallout of a bad blind date by purchasing the appropriate insurance or updating your current policy accordingly. We’re here to help.

For further reading on this matter, you can dive into our blog posts:

http://www.miginsurance.ca/blog/considering-renting-your-property-on-airbnb

http://www.miginsurance.ca/blog/airbnb-hosts-take-note

Worldwide coverage up to a maximum of $5 million

*Trip lengths up to 182 days (different options available)

*No age restrictions unless it is a family plan then up to age 59
Worldwide coverage up to a maximum of $10 million

*Trip lengths up to 125 days (different options available)

*Available to persons up to and including age 59
Different sums available for purchase

*No age restriction for single person. Family plan up to age 59. Two people plan up to 64
Different sums available for purchase.

Includes:
• Emergency medical coverage
• Trip cancellation or interruption
• Accidental death and dismemberment
• Baggage
Must be purchased with a travel health plan.

*Maximum limit for air flight/common carrier accident is $100,000

*Maximum limit for 24-hour accident is $25,000
Includes the following:

• Emergency medical insurance
• Trip cancellation & trip interruption
• Accidental death & dismemberment
• Baggage insurance

*Only available I 59 years or under

*Pre-existing condition clause does apply
Includes the following:

• Emergency medical insurance
• Trip cancellation & trip interruption
• Accidental death & dismemberment
• Baggage insurance

*Only eligible for customers no more than 89 years old
Baggage Insurance

Rental Car Insurance (physical damage only)

Contact, adventure or extreme sports coverage

*Must be purchased with another plan
Baggage Insurance

Canadian Expatriates Plan

Inpatriates to Canada
Must be purchased with a travel health plan.

*Trip interruption can be purchased separately
Basic or Select plans available

*Only eligible for customers no more than 89 years old

*Trip interruption can be purchased separately
Must be a student and less than 40 years of age

*$2million in coverage
*Family plan available ifunder 40
None available
Must be a student and less than 69 years of age

*$2 million in coverage
*Family plan available if under 59
Must be a student and less than 60 years of age

*$2 million in coverage
*Coverage available for spouse & dependents
Worldwide coverage up at maximum of $5 million.

Policy options:
• Within Canada
•Worldwide
• Worldwide (excluding the USA)

*Pre-existing condition clause does apply

*Persons over the age of 55 must complete a medical questionnaire.

*Different deductible options are available
Worldwide coverage up at maximum of $10 million.

Policy options:
• Worldwide including USA
• Worldwide (excluding the USA)

*Only eligible for customers no more than 89 years old

*Persons over the age of 60 must complete a medical questionnaire

*Pre-existing condition clause does apply

*Different deductible options are available
Worldwide coverage up to a maximum of $5 million

*Trip length up to 32 days or less. Additional days available for purchase if under the age of 55

*Available to persons up to and including age 74
None available
None available
Airfare cancellation or Holiday cancellation packages available

*Must be purchased within 72 hours of initial deposit.
Includes the following:

• Trip cancellation before or after trip
• Missed connections
• Emergency travel health coverage
• Air flight or common carrier accident
• 24 hour accident
• Baggage and baggage delay
• Transportation of deceased

*Must be purchased within 72 hours of initial deposit.

* Trip cannot exceed 32 days in length

*Pre-existing condition clause does apply
Titled ‘Travel Accident Plan’ and must be purchased along with another plan.

*Different sums available for purchase.
Sums insured: $25,000, $100,000 or $250,000

Flight accident also available for purchase
None available
None available
Worldwide coverage up at maximum of $5 million.

*Persons over the age of 55 must complete a medical questionnaire

*Pre-existing condition clause does apply

Visitors to Canada Holiday Package
Student Medical Insurance (Inbound) – Students coming to Canada
Visitors to Canada – Emergency Medical Insurance (Single Trip)
Emergency Medical Insurance – Multi Trip Annual
TuGo
Manitoba Blue Cross
Emergency Medical Insurance – Single Trip
Trip Cancellation / Trip Interruption Insurance
All Inclusive Holiday Packages
Additional Coverages
** Exclusions apply, please refer to a broker formore information **
Accidental Death & Dismemberment Insurance
Student Medical Insurance (outbound) – Canadian Students studying abroad
Allianz Global Assistance
Different sums available for purchase

*Only eligible for customers no more than 89 years old
The mortgage lender
Pay off mortgage
With your mortgage payment
The mortgage lender
Often underwritten at time of death
Not neccessarily guaranteed
None
Usually not available
Often same rates given, regardless of other factors
Benefit decreases as mortgage paid off
If you move, the insurance ends You will have to requalify
Can only cover the mortgage
Decreasing Term
Bank
Anyone - you decide
Beneficiary decides
Invest? Pay off mortgage?
Monthly, semi-annually,annually
Get level benefit Or lower benefit overtime to match yourmortgage
Underwriting at time of application
Fully guaranteed
Premium based on gender, smoking, health, lifestyle
Preferred underwriting available
Individual policies can be customized
Deal with licensed advisors
Insurance stays with you - even if you refinance or change lenders
Take care of all insurance needs with one policy
Term or Permanent
Insurance
Broker
Payment Frequency
Other Life Insurance needs
How Insurance will be used
Beneficiary
Your best options are available through an insurance brokerage.

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Type of Life Insurance
Benefit Level
Underwriting Time
Premium Rates
Premium Guarantees
Options and Riders
A needs analysis will take a look at the whole picture and help us determine a plan to suit your needs. A customized insurance plan will put the control where it should be...in your hands.
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