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What is Landlord Property Insurance?
Landlord property insurance is a policy for someone who rents out a property they own. Two types of coverage are typically provided by this type of insurance: property and liability. The two coverages are designed to protect you, the landlord, against financial losses. Whether you own one, or multiple properties, landlord insurance provides coverage and peace of mind and helps protect you in the event of a loss. A landlord property insurance policy covers damage to the dwelling, permanent structures on the property, property maintenance equipment, and liability in the event of a lawsuit. Many additional coverages are also available.
Landlord Property Insurance
Landlord insurance (also known as rental insurance) is a policy for people who rent their homes to others. Landlord insurance is not required for a landlord, but insurance can bring many benefits:
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Windstorm, hail, & lightning
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
Riot and civil commotion
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Vandalism & theft
Malicious mischief coverage, as it’s known, covers repairs to broken glass, graffiti removal, and replacement of stolen or damaged property like shared washing machines.
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Many policies also include coverage for a long list of other perils such as riots or civil commotion, explosions, volcanic eruptions, and damage caused by vehicles.
How to Be a Good Landlord
The Landlord-Tenant Checklist: Overview and How to Use
Landlord Resources: Rental Management Tools, Reliable Informational Websites, and More
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