California Rental Property Insurance

Rental property insurance also known as landlord insurance or dwelling insurance in California is designed to cover property owners that have tenants in their home renting from them. Thee types of properties covered by landlord insurance can be apartments, condos, single family residences and more depending on the insurance provider.

Rental property insurance can help to cover damages to thee structure of the home, lost rental income, and the landlords personal property used to maintain the property. Landlord insurance will cover you if the damage is caused by a covered peril such as a fire, severe weather and more. 

Landlord Insurance Definition

Are you wondering what landlord insurance is? Or maybe you’re wanting to know the definition of rental property insurance. Both forms of coverage are one and the same. They are coverages that will protect a landlord that rents out their property to tenants. Landlord insurance will cover you for liability, property damage and lost rental income. Rental property insurance is a very similar policy to homeowners insurance but a specialized policy that will cover landlords specifically.

Whats the Difference Between Landlord Insurance & Homeowners Insurance?

Homeowners insurance and rental property insurance are very similar but also very different policies. Rental property insurance will cover landlords and homeowners insurance is designed to cover a homeowners primary residence. One of the main differences between the two policies is landlord insurance provides coverage for tenant liability claims and lost rental income insurance. 

A standard homeowners insurance policy will provide you with broad coverage for your home., the contents within your home, and general liability. Homeowners insurance will not provide coverage for lost rental income or tenant damages. 

Rental property insurance will provide broad coverage for rental units in addition to to coverage for the landlords personal property used to maintain the home such as a washer and dyer or lawnmower. Another great thing about landlord insurance is that it will also provide tenant liability claims. 

One more difference between the policies is that homeowners insurance will have higher personal contents limits than a standard rental property insurance policy. Usually landlords only need a limited amount of personal items such as washers and dryers, dishwashers and more. 

What’s the Difference Between Landlord Insurance & Rental Property Insurance?

Rental property insurance and landlord insurance are synonymous and are the same form of coverage. You can use the two interchangeably. Most people know rental property insurance as the older term. Whereas landlord insurance is associated with newer more broader coverages. 

What’s the Difference Between Rental Property Insurance & Renters Insurance?

Renters insurance will cover a tenants personal property whereas landlord insurance will not. Rental property insurance covers the landlord and their personal property used to maintain the home such as dishwashers, lawnmowers, washers and dryers and more. 

A standard renters insurance policy is protection designed to cover the tenants personal property from fire, wind, theft and lightening. Renters insurance will also provide coverage for the tenant to cover rent if they have to relocate due to a covered loss. It will also have liability protection in your renters insurance policy in the event the renter is sued. 

What Does Rental Property Insurance Cover?

Rental property insurance will cover the physical structure of the rental unit and loss of rental income and general liability. Some of the losses that may be covered are direct damage to the structure of the building, fire and smoke, windstorm, hail, vandalism, malicious mischief, theft and more. 

Rental property insurance will also cover the landlord rental income if the renter is unable to use the home. A landlord insurance policy will replacement cost coverage so if the home is destroyed by a covered peril the insurance policy may pay for the reimbursement with cash upfront. This is the difference between an actual cash value policy. 

Rental property insurance will also protect the landlord for liability claims in the event someone is hurt or injured on the property. Please remember the renters personal belongings are not covered under a landlord insurance policy. 

Landlord Insurance Covered Peril Examples

California landlord insurance will usually cover the landlord if one of the following is the cause of the damage:

• Fires and lightning
• Windstorms and hail
• Explosions
• Riot
• Aircrafts
• Vehicle
• Smoke damage
• Vandalism
• Theft of property
• Falling object
• Weight of things like ice or snow
• Accidental discharge of a plumbing devise
• Accidental and sudden cracking, burning or bulging
• Freeze
• Sudden short-circuits
• Volcano eruption

What is Excluded from Landlord Insurance?

California landlord insurance typically does not cover the following causes of damage:

• Maintenance repairs
• Personal property of tenants
• Floods, earthquakes and water backup

Compare Landlord Insurance Rates

One of the best ways to know you’re getting the best deal on your landlord insurance policy is to go through an independent insurance broker such as Eugene C Yates Insurance Agency. Our agents have access to the top rental property insurance providers and firsthand knowledge of the best most cost effective landlord insurance discounts. This makes it easy for them to create side by side comparisons to find you the best rate on the best coverage. 

What is the Best Insurance for Landlords?

When it comes to rental property insurance the policy that fits the needs of the landlord the best is usually the one they should go with. If it fits your budget, gets you the limits you need and is within your budget you should be pretty content. When you’re looking for coverage there are a few things you may want to keep in mind:

Liability protection:

This portion of your coverage will protect you if someone is hurt or injured on the property and sues you for damages. The liability portion of your coverage will cover medial expenses, legal fees, and more.

Property coverage:

This part of your landlord insurance coverage will cover you if you need to repair or rebuild the home due to a covered peril. 

Lost insurance protection:

If your tenant is unable to use the home due to a covered peril, landlord insurance may cover you for the lost rental income. 

Landlord Insurance Quote 

If you would like a custom landlord insurance quote or if you have additional questions regarding rental property insurance coverage, please give one of our wonderful agents a call today at (916) 313 – 6100