Since you can never really know what will happen, landlord insurance is good for some extra peace of mind for your rental investments. In most cases, it will help protect you from property damage, loss of rental income, personal liability, and other related unexpected costs.
As an online insurance company, Sonnet landlord insurance promises low rates and a convenient process. But can you trust an online company with such an important investment? We take a look at all the pros and cons of Sonnet landlord insurance – plus compare it to 2 other options you have in Canada.
Sonnet landlord insurance features
Here are some of the main coverages included in your Sonnet landlord insurance package.
Why You Want It
Customize your coverage options + Easily lock in low insurance premiums online.
Eligibility
- Canadian citizen
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, QC, SK
Features
Personal Liability Coverage
Loss Of Rental Income Coverage
Rented Dwelling Coverage
Detatched Structures
Sewer Backup
Overland Water
Landlord's Belongings
Earthquake
Water Damage
Appliances
Landlord Legal Protection
* This quote (and the quotes in the table below) are meant for illustrative purposes only. It was attained using a specific scenario and is likely to change for your own personal situation.
Sonnet landlord insurance product rating: 3.9 stars
Sonnet landlord insurance is an easy way to buy insurance for your rental property, since everything is done online and the quote process is very quick. It also hits all the basics you’ll likely want in landlord insurance, including personal liability, dwelling coverage, and more.
But online-only companies can be hard to trust, since you never get the chance of meeting anyone face to face. And this can be especially important for insurance, since you’re relying on them to be there for you during emergency situations.
Rating methodology
In order to come up with a star rating, we divide a financial product into its most important features, which you can see above. We then give each feature a rating out of 5, depending on how Sonnet does in comparison to similar products. We then average these scores out to get an overall rating out of 5.
Sonnet did well in having a decent quote and hitting the basics. They also provided a handful of extra coverage should you want it, and an easy online experience. But they lose a bit in the trustworthy category and didn’t offer as many extras as you may like.
Learn more about our rating methodology.
The pros of Sonnet landlord insurance
Here’s what there is to like about Sonnet landlord insurance.
Pros
Covers all the basics of landlord insurance
Sonnet landlord insurance includes coverage for personal liability, your rented dwelling (which includes detached structures), your belongings, and loss of rental income. These coverages, which come standard with Sonnet, hit all the essentials most people are looking for when it comes to landlord insurance.
Optional extra coverage that’s easy to customize
You’ll also be able to add extra coverage for things like sewer backup, overland water, hail, and more. These are easy to customize when getting your quote, so you can add or remove as you please.
Cheap rates
As an online insurance company, Sonnet is able to pass on the savings to you. Our example scenario got us an affordable quote of $40.77 a month.
Quick and easy online quote
Completing the quote took only a couple of minutes and displayed 3 easy options for fully customizable packages – Essentials ($40.77 a month), Preferred ($51.12 a month), or Ultimate ($60.12 a month). It was easy to click “View and customize” on any of these options, and change the coverage amounts and inclusions yourself.
The cons of Sonnet landlord insurance
And here are some things you’ll want to look out for.
Cons
Everything is done online
Though it’s convenient to buy your insurance online, it can make it hard to reach the company if you ever run into issues when filing a claim. For example, with a complicated claim, you may have to call back several times. That means each time you call, you’d have to re-explain your situation and prove your identity all over again, just to get to the point of your call.
Reports of them upping rates
Multiple reviewers on Insureye and other review sites have stated that Sonnet has increased their premiums without notice. Though these reviews are specifically for Sonnet home insurance, it’s safe to assume the same could happen with their landlord insurance. Hooking you with a low rate for the first year then steadily increasing it afterwards is a standard insurance marketing tactic you should be aware of.
Not a thorough quote process
The quote, though conveniently quick, wasn’t very thorough. This could mean that the low price may be inaccurate to what you could get once they’ve received more information from you.
Sonnet landlord insurance alternatives
So how does Sonnet landlord insurance compare to your other options in Canada?
 |  |  | |
|---|---|---|---|
| Account | Sonnet Landlord Insurance | Allstate Landlord Insurance | Square One Landlord Insurance |
| Genius Rating | |||
| Why You Want It | Customize your coverage options + Easily lock in low insurance premiums online. | Get basic coverage + Add optional water damage or appliances protection. | Get an online quote quickly + Choose from personalized coverage options. |
| Personal Liability Coverage | | | |
| Loss Of Rental Income Coverage | | | |
| Rented Dwelling Coverage | | | |
| Detatched Structures | | | |
| Sewer Backup | | | |
Show More | |||
| Get a quote See more Sonnet products Compare | Learn More See more Allstate products Compare | Get a quote See more Square One products Compare |
FAQ
Does landlord insurance cover tenant contents?
No, your tenants will have to purchase tenant insurance in order to have their contents protected. That said, Sonnet landlord insurance does protect landlord contents that remain on the property, such as yard tools. You can read more about what Sonnet has to offer here.
Do landlords have to have insurance?
There’s no legal requirement to have landlord insurance, but many lenders will require you to have the protection before you start accepting tenants. It’s also a good idea to protect what is likely a huge investment on your part. Click here to learn more about what landlord insurance can do for you.
Landlord insurance vs homeowners insurance?
Homeowners insurance is meant to protect the home you live in, whereas landlord insurance protects a dwelling that you rent out to tenants. You can see more of what generally comes with landlord insurance here.
What does Sonnet landlord insurance cover?
Sonnet landlord insurance comes with 4 standard coverages: landlord liability, rented dwelling and detached buildings, landlord’s belongings, and loss of rental income. You can also add additional coverages (like sewer backup and overland water) if you’d like. Click here to see all the features of Sonnet landlord insurance.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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