Landlord Insurance protects your investment in a rental property from loss by theft, fire, lightning, tornado and other perils. Additional protection is available to protect your rental income after an insured loss and for your Liability risks as the property owner. If you use a professional property manager to oversee your investment properties, they may require to be named as an additional insured on your liability insurance. If your properties are bank financed, your mortgagee will require property insurance protection of their collateral. Get a Quote Now!
If you are the landlord of a commercial building, please see Commercial Landlord Insurance.
Landlord’s Insurance Coverages
Building Coverage – Provides protection up to your limit for damage or destruction of your house. Insurance protection can be based on either “Actual Cash Value” or “Replacement Cost” as a basis of settlement. Do you also need Flood Insurance on your rental property?
Secondary Structures – Provides protection for sheds, detached garages and other buildings on your rental property. Generally limited to 10% of your main house limit, but can be increased, if needed.
Fair Rental Value – Replaces your income from an investment property after an insured event (example: house fire) causes your rental to become uninhabitable. Generally, you select an amount equal to your normal monthly rent income for a given number of months up to twelve months.
Landlord Liability – Protects you from lawsuits caused by accidental property damage or injury for which you are held liable as the property owner. Three ways to add Landlord Liability:
- Landlords with a large group of rental properties often purchase a General Liability business insurance plan to handle their liability risks.
- Landlords with modest holdings can often extend liability coverage for their rental properties from their Homeowner’s insurance policy.
- You often can purchase the liability coverage bundled with the building coverage.