Real Estate Insurance for Rentals

[Chris Kaminski]

Hi from Ontario,

I am currently looking into buying a house and renting it out to students. I did some insurance shopping and it seems if I want to have a standard insurance + liability in case something happens to a tenant due to landlord fault I should be looking to pay around $3000 which seems extremely expensive. In comparison I pay $600 for the house I currently live in. 

Can you please let me know if you had the same experience when it comes to prices and if the additional protection will really be an advantage if something happens.

Best  

Chris