Landlord Insurance Policies
Landlord insurance is a specialty property insurance policy that is designed to cover a home that is rented out to tenants who do not have interest in the property. If you are in the process of shopping for coverage, here is a straightforward explanation of landlord property insurance to help guide you in the right direction.
What Is It?
Landlord insurance is a special form of homeowner's insurance that is designed specifically to protect landlords who use the property to earn regular rental income. Unlike a typical homeowner's policy, which provides you with personal liability and personal property protection, a landlord policy will provide coverage for business liability and loss of income.
Who Is It For?
Landlord policies are specifically for individuals who own investment properties and rent these properties out to tenants on a frequent basis. The property must be a single family dwelling to be covered under this type of policy form.
If you only rent the home out for occasional events, you do not have a need for this policy because you can purchase a special rider to add to your homeowner's insurance.
How It Works
Buying landlord property insurance is much like buying the standard home insurance policy. You will need to know the size of the property, how much coverage you would like to rebuild or replace the structure in the event of a loss, and how much business property coverage will be sufficient before you request a quote. Once you review your quotes and choose the most competitive policy, you will select an effective date and make a payment. When the term starts, you will have coverage for all of the perils listed in your policy booklet. If you experience a loss, you can contact your agent or claims department directly to file your claim.
Different Types of Coverage Available
The standard landlord policy includes the following coverage options:
1. Dwelling Protection: To repair or rebuild the property
2. Other Structures: To repair pools, fences, sheds, and detached buildings
3. Business Property: Covers a minimal amount of property that is furnished by you
4. Business Liability: Covers your liability as the landlord if someone is injured on the property.
Fair Rental Income: Will replace your income for up to 12 months if the property cannot be rented due to a covered loss
A rental property is not only an investment, it is a steady stream of income when you rent to tenants regularly. By purchasing coverage, you can protect your investment and your income from common perils and hazards that can cost a significant amount of damage.
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