SWG Property: Rented Dwellings

Mar 2022

SWG Property: Rented Dwellings

Brokers in the commercial property market should look to Ontario for new business opportunities in rented housing insurance. Vacant houses are on the rise in Toronto and on the decline in Vancouver, according to a new analysis of census data.


Over the past five years, the number of housing units not occupied by “usual” residents – defined as Canadians and permanent residents living in their usual residence – increased by 40 percent in Toronto. According to calculations conducted by Andy Yan, director of Simon Fraser University’s city program, who is known for his work on empty homes in Vancouver, the city’s level fell 10 percent to 23,011 in the same period. (1)


As of 2021, the Canada census does not reveal the number of vacant homes, but it does provide the number of housing units in the country, as well as the number of units occupied by “usual residents.” The difference between the two numbers includes vacant homes as well as short-term rentals and homes temporarily occupied by foreigners or Canadians with another primary residence elsewhere.


In his study, Yan found the divergence between Toronto and Vancouver to be striking, and that Vancouver’s empty home tax, Airbnb rules, and anti-speculation measures have been effective in ensuring fewer homes sit vacantly.


Managing rental property has many risks. Here are some of the most common ones.


Rent payments are not the only responsibility of landowners. As property owners, they are responsible for managing the upkeep, maintenance, and protection of their properties.


In order to protect themselves from the many unforeseen incidents and risks of renting, landowners need a comprehensive policy. Examples of these risks include:

● Rental income lost due to business interruption or insurable property issues, such as flooding or sewer backup

● Intentional damage caused by a third party, vandalism, and damage to appliances

● Damages, injuries, and deaths caused by tenants on the property

● Visitor (and even trespasser) lawsuits for injuries or death sustained on the property

● Fraudulent use of rented properties, such as identity theft and fraud

With so many factors to consider, landowners could be putting themselves at risk if they don’t have the right insurance coverage.


Coverage requirements vary for rented properties depending on individual risks, construction, occupancy, and town grade. That is why SWG offers a range of coverage options for insurance tailored to your client’s needs.


Coverage tailored to the needs of landowners


SWG PROPERTY – Commercial Property insurance is designed to cover hard-to-place property accounts. It can accommodate most realty-type risks, from stand-alone rentals and vacant dwellings to large commercial risks, with an in-house capacity of up to $6,000,000 ($4,000,000 for Quebec).


Coverage Highlights:

● Broad Form

● Replacement Cost or ACV

● All Risk Coverage or Named Perils

Other Coverages Includes:

● Business Interruption

● Flood, Quake, Sewer Backup

● Mechanical Breakdown

Extension packages are also available. For more details, see our product page at https://swgins.com/product/swg-property.html.


Content is current as of the date of broadcast and is subject to change without notice.



1. https://www.theglobeandmail.com/business/article-vacant-homes-are-on-the-rise-in-toronto-census-indicator-suggests/