An amendment in the Residential Tenancies and Rooming Act (RTRA) requires all landlords to have comprehensive public liability insurance. This is usually included in your building insurance. Please check on your policy to ensure you are covered for at least $20,000,000.
Your property manager can assist you in finding a policy that satisfies the requirements of the RTRA and is suitable for protecting your investment.
Our office strongly recommends all landlords take out some degree of landlord insurance. As with all insurance, you may never use it but if the time comes that you do need to make a claim, you will be glad you had it. Your policy should cover aspects such as, loss of rent, malicious damage etc. Please call your property manager if you need any assistance with this. Restt Property has a reputable insurance broker who will represent you with the best policies and some recommendations for our owners.