If you own rental property, you have unique business risks and assets that aren’t covered by a homeowner’s insurance policy. Choosing a landlord insurance policy can give you added security in knowing your rental income is safe.
Landlord insurance allows you to rent your property with confidence. Whether you own multiple rental properties or need to sublet your home for a year while you travel for business, we can help.
As a landlord, you want to make sure your properties are well-protected. That’s why we offer comprehensive landlord insurance. Our policies offer dwelling coverage to protect your rental unit and structures directly attached to it. This includes flooring, walls and the roof. Policies from us also provide fair rental value coverage. This helps cover the rental value for each portion of your property you rent out if it’s damaged in a covered loss like a fire.
Landlord insurance is property and liability coverage that helps protect owners from damages or injuries related to a rental property. Landlord insurance can provide coverage for structure damage, liability situations, and more. Property owners should consider a landlord home insurance policy if they’re responsible for the entire building, including the exterior and roof.
Expect to pay 15% to 20% more for landlord insurance than you did for homeowners insurance. In recent years the average cost of homeowners insurance was $822 a year. Tack on 20%, and that would put the average annual premium on landlord insurance at about $986.
Chances are that your policy only covers owner-occupied homes. If you start renting out to someone else, the coverage no longer applies. And as renters are generally not held liable when a large appliance malfunctions, a person suffers an injury on the property (through no fault of the tenant), a forest fire damages or destroys your home, or burglars simply empty the place, that means you could be left out to dry for these or other misfortunes caused by humans or Mother Nature.
A good, comprehensive landlord insurance policy will have three core protections:
Depending on the neighborhood, geographic area or condition of your rental, you may want to consider adding on some optional coverages to your landlord policy. These coverages may include:
While landlord insurance may help pay for expenses stemming from a number of sudden and accidental losses, you’ll likely find that some things are excluded from the policy’s coverage. A landlord policy may not cover:
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