Rental Property Insurance: What you need to know about landlord insurance

According to the Rental Protection Agency there are over eleven million landlords in the United States. In addition there is at least one new rental that is listed every 80 seconds. As the number of rental homes increases so does the responsibility of being a landlord. You’re responsible for the upkeep and maintenance and on top of that you have to find good tenants to rent from you.

Landlord insurance also known as rental property insurance will help to safeguard your valuable investment. It can protect you from fire, vandalism, smoke and other covered perils. Rental property insurance protects the structure of your home, the detached structures, the landlords property used to maintain the home and liability in case someone is hurt or injured on your property. 

What is landlord insurance?

Rental property insurance provides financial protection in the event your rental home is damaged or destroyed by a covered peril such as a fire, storm, or in the case of someone hurting themselves on your property.

Please keep in mind a standard homeowners insurance policy more than likely will not cover you in the same way as landlord insurance coverage. Homeowners insurance will not provide protection for tenant related damage, whereas landlord insurance more than likely will cover you. 

What does landlord insurance cover?

Most landlord insurance policies will differ from rental property insurance company to rental property insurance company. The zip code you live in and many other factors will help to determine the rate you get. There are a few standard items that most if not all landlord insurance policies will cover, which are:

Property damage:

Your rental property insurance policy usually covers physical damage to the home that may have been the cause of fire, severe weather and other covered perils. Rental property insurance can also help to protect other buildings such as gazebos, sheds, garages, and more. It may also cover the equipment used to maintain the property such as washers and dryers, dishwashers, lawn mowers, snow blowers and more.

Liability insurance:

In the event that a guest or visitor is hurt or injured on your rental property, a good landlord insurance policy will cover any liability issues you run into. It will help to cover medical expenses, legal fees and settlements. 

Loss of income insurance:

If a fire, storm or another covered peril damages your rental home and your tenant is unable to use it which forces you to lose out on rental income, landlord insurance can help to reimburse you for lost rental income. 

What landlord insurance doesn’t cover

Rental property insurance usually does not cover your tenants belongings. If they need coverage maybe inform them that they can purchase renters insurance to protect their valuables.

Rental property insurance also will not pay for repairs to dish washers, washers and dyers and other equipment. If something goes wrong with items like these you will more than likely be responsible for them. 

Landlord Insurance Quote

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