LANDLORD INSURANCE

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. 

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LANDLORD INSURANCE​

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

What is Landlord Insurance?

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.

How Much Does Landlord Insurance Cost?

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.

Why You Need Landlord Insurance

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.

What Does Landlord Insurance Cover?

A good, comprehensive landlord insurance policy will have three core protections:

  • Property Damage
    This is coverage in the event that the real estate or furnishings suffer from a natural disaster, fire, electric/gas malfunction, earthquake, vandalism, or irresponsible tenants. If possible, try to get a policy that offers replacement cost instead of the actual cash value (especially if fixtures and furnishings are old) or a predetermined lump sum of cash.
  • Lost Rental Income/Rental Default Insurance
    Should something cause your property to be totally uninhabitable (severe mold, termites, a rat infestation, or a sinkhole), this feature provides temporary rental reimbursement to cover the rent money you’d otherwise receive if tenants could be occupying the property.
  • Liability Protection
    This is coverage for the medical or legal costs that might ensue if the tenant or a visitor suffers injury due to a property maintenance issue (such as icy walkways, architectural collapse, or an out-of-control hive of bees).

EXTRA LANDLORD COVERAGES TO CONSIDER

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:

  • Vandalism
    You may want optional coverage to help you pay to repair vandalism damage. If your property is vandalized, that type of damage typically isn’t covered by a traditional landlord policy unless you purchase vandalism coverage.
  • Burglary
    While a standard landlord insurance policy may help pay to repair your home if it’s damaged in a break-in, it typically won’t pay to replace stolen items. Optional coverage may be available for theft of items you keep on the property to help maintain it, such as appliances or a lawnmower.
  • Rental property under construction
    Are you gutting or renovating your rental or building a new dwelling? You may be able to purchase additional coverage to help protect the structure until it’s ready to be occupied.
  • Building codes
    If you’re repairing or replacing part of your rental after it’s been damaged, you could be legally required to upgrade items like wiring or ventilation, says the International Risk Management Institute. This is because city or county codes may have changed since your property was originally built. This coverage may help reimburse you for those additional costs.

WHAT’S USUALLY NOT COVERED BY LANDLORD INSURANCE?

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:

  • Maintenance and equipment breakdowns
    If the furnace or dishwasher in your rental property breaks down, you’ll likely have to pay out of pocket for any necessary repairs or replacements.
  • Property you share
    If you live on the property and rent out a room or another floor to a tenant, you’re typically not eligible for a landlord policy, according to the National Association of Insurance Commissioners. Landlord policies are designed for “non-owner-occupied” property. Talk to your insurer about whether you can add coverage to your homeowners policy for the section of your property you’re renting.
  • Tenants’ belongings
    Landlord insurance generally does not cover your tenant’s personal possessions (electronics, clothes, etc.). For that protection, your tenants will need to purchase their own renters insurance policy. Some landlords require tenants to show proof of renters insurance before approving their rental contract. This helps renters pay to repair or replace their personal belongings, such as furniture and clothing, if they are damaged by a covered peril, such as fire or theft.

 

Get the coverage you need today.
Call For A Free Quote @ 877-907-5267

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Regulating Agency and References

Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.

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