RENTAL PROPERTY INSURANCE: CALIFORNIA LANDLORD INSURANCE

If you’re planning on renting out a condo, single family residence, apartment building duplex or another rental home you may want to consider safeguarding your investment. Landlord insurance also known as rental property insurance will help to protect the structure of the home, the landlords property used to maintain the property and liability claims.

Rental property insurance definition

What is landlord insurance? Is it the something as rental property insurance? Yes, landlord insurance and rental property insurance are the same form of home insurance for landlords. Rental property insurance will help to protect landlords from property and liability claims and loss of rental income. 

Landlord Insurance vs Homeowners Insurance

Homeowners insurance and rental property insurance are very similar forms of insurance although they are still very different. A standard homeowners insurance policy will not cover you for liability claims made by tenants and it also will not cover you for loss of rental income as a landlord.

Most homeowners insurance policies will provide very broad coverage for the property. This can include the structure of the home, your personal contents, and personal liability. Please do not expect to have any coverage related loss of income from tenants or tenant liability claims. 

The majority of landlord insurance policies will provide broad coverage for the rental unit which can include coverage for the landlords property used to maintain the home, loss of rent, and liability. Landlord insurance will also provide protection for tenant liability claims. 

Your homeowners insurance policy will come with higher personal contents limits than a rental property insurance policy. Mainly because as a landlord you may only need a limited amount of personal items covered at the rental unit like appliances and other items used to maintain the property. 

Landlord Insurance vs Rental Property Insurance

Rental property insurance and landlord insurance are the same form of home insurance. The names can be used interchangeably. Most may be familiar with the term rental property insurance as it is the older known name of the two. Some may also think of landlord insurance as the newer term and may associate it with broader coverage.

Landlord Insurance vs Renters Insurance

Rental property insurance or landlord insurance is designed to protect the landlord renting the property from financial ruin. Landlord insurance does not cover the tenants personal property. 

Renters insurance is a form of home insurance that will help to cover the tenants personal items. This is a great suggestion for anyone renting your property. Renters insurance can help to cover your tenants from fire, lightening, and theft. Renters insurance for your tenants can also cover them for liability claims incase they are sued.

What Does Landlord Insurance Cover?

Rental property insurance will help to cover the dwelling or structure of the home, the landlords personal property used to maintain the property, and loss of rent protection. Some of the losses may include damage to any part of the structure of your home, smoke and fire damages, storm and hail damages, vandalism, malicious mischief damages or losses, and theft from a tenant’s personal property inside the home.

Common Named Perils

If any of the following happen to your rental property, a Sacramento California landlord policy may help, subject to your deductible and if the claim is approved.

• 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

Common Exclusions

A typical California landlord insurance policy will exclude the following:

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

Rental property insurance quote

If you would like a landlord insurance quote or have additional questions about rental property insurance, please feel free to give us a call at 916 313 6100