Landlord Insurance

Landlord insurance, also known as rental property insurance, is a specialized policy designed to protect your investment property. It covers damages to the building, liability claims, and lost rental income.

What Does Landlord Insurance Cover?

A standard landlord insurance policy typically includes:

• Property coverage: Protects the structure of your rental property from damage caused by fire, storms, vandalism, and other covered perils.
• Liability coverage: Protects you from lawsuits if someone is injured on your property or if your property damages someone else's property.
• Loss of rental income: Provides coverage for lost rental income if your property becomes uninhabitable due to a covered loss.
• Contents coverage: Protects your personal belongings in the rental property, such as appliances or tools.

Why Do You Need Landlord Insurance?

Landlord insurance is essential for protecting your investment property and managing potential risks. It offers financial protection in case of unexpected events, such as fires, vandalism, or tenant-related issues.

Landlord Insurance vs. Homeowners Insurance

While both policies provide coverage, they are designed for different purposes. Homeowners insurance protects your primary residence, while landlord insurance is specifically for rental properties.

Factors Affecting Landlord Insurance Costs

Several factors influence the cost of landlord insurance, including:

• Property value: The value of your rental property determines the amount of coverage needed.
• Location: Properties in high-risk areas may have higher premiums.
• Number of units: The number of rental units you own can impact your rate.
• Deductible: A higher deductible generally results in lower premiums.
• Coverage limits: The amount of coverage you choose will affect your premium.

Contact us to discuss a landlord insurance policy tailored to your rental property.