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Small business insurance for landlords with first-time renters

Protect your property and your new tenants 

Owning property in British Columbia can be an investment with incredible benefits, and for landlords in the province those benefits include earning steady revenue, as well as providing much needed housing. 

With a pressing need for more housing across the province, the Government of BC announced the Housing Supply Act in November 2022. These new laws remove rental restrictions in strata properties, including eliminating age restrictions (such as over 19-year-olds only), and provide selected municipalities with the ability to address housing development.

Helping new and first-time renters

Signing the lease on a first apartment is an exciting time for a tenant. But like anything new, first-time renters and new tenants are learning the ropes when it comes to how to maintain their rental unit, how to protect their belongings and themselves, and when to report issues to their landlord or property manager.

This is where BCAA Small Business Insurance comes in. If you own or manage five or more units or properties that you rent or lease, insurance will help you and your new tenants in the event of unexpected events, like flood, fire, theft and other damage repairs. 

Man holding saucepan looking up at ceiling

Planning for the unexpected

Nobody rents their property or signs a lease expecting a break-in or a fire, but sadly these are events that occur daily.

Like any investment, it’s wise to protect your property, as well as protecting your tenants. As a landlord, certain insurance can also protect you from income loss, the cost of repairs and legal fees.

Here are some significant issues that BCAA Small Business Insurance can protect you from:

Theft and damage

If something gets stolen from one of your homes or units, your policy covers the replacement or repair costs for your building or property. This means you have protection for your contents, such as appliances and any furniture you have provided for the rental property. Personal Property Protection in your plan can also protect your property from accidental damage. This includes what essential everyday use items you have provided for your tenants.

Injury caused to others

Did you know that if your tenant or a guest is injured on your property in an everyday accident (for example, a slip and fall), as the property owner you could be held liable and even be sued for damages and medical bills? BCAA Small Business Insurance can protect you from lawsuits and help cover your legal expenses.


Fires are a frightening potential threat to any property, for tenants and owners. BCAA Small Business Insurance will cover landlords for revenue disruption and help pay bills while you rebuild, renovate and recover from the damage caused by fire. 

Water Damage

What happens if an upstairs neighbour is gone for the weekend, but they’ve accidentally left the tap running and the sink overflows? Or the plumbing inside a unit becomes faulty? Water damage caused by sudden leaks is a serious threat to your property.


If your property is hit by a flood and becomes unlivable, your flood extension covers revenue disruption and helps pay your bills during the property restoration. BCAA Small Business Insurance flood extension has you covered.

Couple outside home

BCAA Small Business Insurance coverage options for property owners

Not sure where to start?  BCAA Small Business Insurance offers six coverage options for property owners: 

  1. Building Insurance – covers replacement or repair of the building in the event of unfortunate circumstances, like fire, water damage or theft. 

  2. Rental Income Insurance – covers gross rental income during the restoration when the property is unrentable due to an incident that you have claimed on your policy.  

  3. Improvements and Betterments Insurance – covers renovations or upgrades in your strata lot that you or a previous owner made, because the strata insurance does not.

  4. Condo Unit Owners Contingent Liability – protection if the strata's insurance policy does not fully cover expenses for an injury or damage to the property, and the condo unit owners become responsible for the remaining cost.

  5. Extended Condo Unit Owners Property Insurance – protection for the building and property when the condo is damaged, even if the strata's insurance policy is insufficient to cover costs.

  6. Laptop and Portable Electronic Equipment Floater – you likely use a computer and/or phone to manage the property. We'll make sure they're covered for damage, theft or loss.

Your BCAA Small Business Insurance 

Each property and property owner has their own unique needs. BCAA Small Business Insurance offers you customized coverage with online convenience, so you can quote and buy online whenever it suits you from BC's Most Trusted Insurance Brand*.

If you have any questions along the way, our BCAA Small Business Insurance advisors are ready to help online or over the phone.

Visit to get your quote today.

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*BCAA, in association with CAA, was ranked the #1 Most Trusted Insurance Brand in Canada by the 2022 Gustavson Brand Trust Index.

The material covered in this article is provided for general informational purposes only and does not, and is not intended to, limit or extend coverage, or constitute legal or insurance advice. BCAA Small Business Insurance coverage is determined by the insurance contract.