What Insurance Do Apartment Owners in British Columbia Need?

January 12, 2026

As a British Columbia apartment owner, protecting your rental property from lawsuits, natural disasters, and income loss is essential. Apartment owner insurance, also known as landlord insurance, helps safeguard your investment by providing financial protection against risks such as fire, vandalism, flooding, and third-party liability claims.

Western Coast, a 100% Canadian insurance brokerage, works with Canada’s leading insurers to help BC apartment owners secure the right business insurance coverage, especially during times of economic uncertainty. Our experts compare options on your behalf to find competitive coverage tailored to your property and risk profile.

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What Is Apartment Owner (Landlord) Insurance in BC?

Apartment owner insurance protects landlords from financial losses resulting from insured events that occur at their rental properties. Coverage typically includes:

• Damage to the building and attached structures (such as garages or sheds)
• Loss or damage to contents used for property operations
• Loss of rental income due to an insured event (e.g., fire or burst pipe)
• Liability protection if a third party is injured on the property

You may also hear this coverage referred to as rental property insurance.

What Happens If a Unit Is Uninhabitable?

If an insured loss makes a unit temporarily unlivable and rent payments stop, fair rental income (or fair rental value) coverage can help replace lost rental income. This coverage may be included in your policy or added as an endorsement be sure to discuss this with your insurance advisor.

Does Landlord Insurance Cover Tenant Damage?

Landlord insurance may cover accidental damage caused by tenants, such as an unintentional kitchen fire. However, it does not cover intentional damage or normal wear and tear.

How Much Does Apartment Insurance Cost in British Columbia?

There is no fixed cost. Premiums are typically based on factors such as:

• Property location(s)
• Building size and age
• Number of buildings owned
• Annual rental revenue
• Number of employees
• Equipment on-site
• Claims history

What’s Included in an Apartment Insurance Package?

1. Commercial General Liability (CGL)
Helps cover legal and medical costs if a tenant or visitor is injured on your property, such as a slip-and-fall incident. It can also provide protection against libel or slander claims.

2.Commercial Property Insurance

Covers loss or damage to buildings and contents due to fire, theft, vandalism, or certain types of water damage. This may include:

• Furniture, equipment, and supplies
• Computers and records
• Important business documents

3. Cyber Insurance

Protects against cyber risks, such as hacked rent payments or data breaches, and may help cover system restoration, liability costs, and notification expenses.

4. Legal Expense Insurance

Helps cover legal fees and advice if disputes arise, such as unpaid rent or tenant-related legal action.

5. Equipment Breakdown Insurance

Covers repair or replacement costs for essential systems like boilers or HVAC units damaged by mechanical or electrical failure.

Optional Coverages to Consider in BC

• Sewer Backup Insurance – Helps cover cleanup and repair costs if municipal sewer systems back up into your building.
• Overland Water Insurance – Covers flood damage caused by heavy rain, snowmelt, or overflowing freshwater sources.

Do Tenants Need Renter’s Insurance?

Tenants in British Columbia are not legally required to carry renter’s insurance, but it’s strongly recommended. A landlord policy does not cover tenants’ personal belongings, such as furniture or clothing.

What to Do If You Have a Claim

• Contact your broker immediately
• Document damage with photos and notes
• Keep damaged items for inspection
• Avoid making statements that could create liability
• Be honest about property values

Your BC Apartment Insurance Checklist

• Do you have the right coverage and limits for your property?
• Is your deductible appropriate for your risk tolerance?
• Are personal vehicles used for business purposes?

Western Coast’s licensed business insurance experts are ready to help BC apartment owners protect their properties with the right insurance solutions. We’re here to support you every step of the way.