Landlord and Rental Property Insurance

When you rent your property to others, there are other exposures that a Landlord policy covers that a homeowners policy might not

The policy every property owner needs when renting.

Rental property insurance is a homeowner's insurance policy for the property owner (landlord) rather than the tenant. It is designed to account for the different risks you face with rental exposure.

What does rental property insurance cover?

In addition to the damage to the building itself and your personal property (such as furniture provided in a furnished rental), a rental property policy may cover lost income if damages to the property prevent you from renting it out for a period of time due to a covered loss. The policy may also include coverage for liability issues you might face if a tenant sues over injuries suffered while on the property, wrongful eviction, invasion of privacy, libel, slander and other mental anguish type claims/lawsuits.

What’s not covered by a rental property policy?

The policy does not cover loss of income if a tenant fails to make rent payments or for costs associated with evicting a tenant if necessary.

Can you insure short-term and long-term rentals?

If you are using your property as a short-term rental it is important to have the right coverages with the right insurance carrier. Not all carriers will cover short-term rentals and will cancel the policy if this knocks it of eligibility. It is important to be paired with the right carrier rather than later find a claim is not covered and/or face policy cancellation.

If you have any questions about rental property insurance, contact us to learn more.