Landlord Insurance: Get a customized quote on rental property insurance with Eugene C Yates Insurance Agency

Rental property insurance is helpful for all landlords looking to rent out a home. It protects the structure of the home, liability, and the landlords property used to maintain the property.

What does rental property insurance cover?

• Your property itself
• Damage or injury that occurs on your rental property
• Loss of rent

At Eugene C Yates Insurance Agency we help you customize your landlord insurance policy so you will only pay for the amount of insurance you actually need.

What is landlord insurance?

Rental property insurance is a home insurance policy used to protect the rental properties a landlord owns. The majority of policies will cover the structure of the home, liability and the landlords property used to maintain the property. 

Homeowners insurance and landlord insurance are two different forms of insurance protection. Homeowners insurance is designed to protect a homeowner from financial ruin. Homeowners insurance has personal property coverage. Which means your belongings will be protected in your home. Rental property insurance is mainly designed to cover the structure of your home. A standard landlord insurance policy will cover the dwelling of the home or structure. Landlord insurance isn’t exactly designed to cover your primary residence. 

Does landlord insurance cover tenant damage?

If the damage to the home was caused an accident, the homeowner or landlord may be covered. As an example if a tenant has a fire in the home, there is a chance the property would be covered. 

It’s good practice to ask your tenants to acquire renters insurance. It’s easy to get and will cover them for their losses if the worst were to happen. 

Landlord Insurance Coverage

Below are a few things included in rental property insurance coverage:

• Dwelling
• Premises Liability Coverage
• Wind/Hail
• Fair Rental Value
• Inflation Protection

Landlord Insurance vs. Homeowners Insurance

Rental property insurance and homeowners insurance is similar in many ways. Although, they are very different insurance products. If you have renters and are planning on renting your property out long term, landlord insurance is what you will want to purchase. If you’re looking to cover your primary residence then, homeowners insurance is the better choice for you.

Rental Property Insurance Add-Ons

Landlord insurance is customizable and you’re able to get extended coverage through add ons and endorsements to get more comprehensive insurance coverage. Most of the options available will vary from insurance provider to insurance provider. Some providers will offer more options than others.

Landlord insurance add-on examples:

Vandalism coverage:

This add on will cover the intentional or deliberate damage to your home by the persona renting the home or someone else. 

Building code or ordinance coverage:

This is an add on you should consider if you plan on needing permits or building code =costs associated with repairs to the property.

Umbrella insurance:

A lot of landlords will bundle umbrella insurance with their rental property insurance coverage. This additional insurance will extend your liability coverage to things that may happen on and off the property grounds. 

Flood insurance:

If your rental property is in an area prone to flooding, it’s a good idea to look into flood insurance. 

Rental property insurance quote

If you would like a custom rental property insurance quote or have additional questions regarding landlord insurance, please get in contact with us today at 916 313 6100