Landlord Insurance

What is a Landlord Policy?

Whether by choice or circumstance, when you own property that is rented to others a Landlord/Rental Property Insurance policy is needed to protect your investment and liability. Landlord Insurance or Rental Property Insurance, as it’s sometimes referred to is an insurance policy that covers investment property that is being rented to a tenant. The coverage is very similar to homeowner’s insurance in that it’s designed to rebuild your home in the event of a covered loss. There are a few differences in regards to Personal Property limits, which are reduced because it’s not your personal property in the home it’s the tenants’ personal property in the home. As a Landlord it’s important to consider requiring your tenant to purchase their own Renter’s Insurance policy, which would protect the tenants’ personal property, as it is not covered under your Landlord/Rental Property policy (the Renter’s Insurance Policy for the tenant is relatively inexpensive, about $20 a month). In the event of a fire or covered loss, the Landlord/Rental Property policy also provides coverage to reimburse you for rents lost while your tenant is forced to live elsewhere while the damage to the home is being repaired. Lastly, Liability coverage in a Landlord/Rental Property policy is typically selected at a higher limit than in your homeowners insurance, because the risk of a claim arising may be greater with a tenant occupying your property.

If you have any questions regarding Rental Insurance, Please Contact me