Landlord Insurance Guide

Are you a landlord? If so, it’s important to have the right insurance in place. In this blog post, we will discuss landlord insurance and why it’s important. We’ll also provide a guide on how to choose the right policy for your needs. So, whether you’re just starting out as a landlord or you’ve been renting out properties for years, be sure to read this post!


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What is Landlord Insurance?

Landlord insurance is a type of insurance that helps protect you from financial losses that may occur as a result of owning and renting out property. This can include damage to your property, loss of rent, or liability coverage claims. Landlord insurance can help give you peace of mind knowing that your investment is protected.

One misconception is that a standard homeowners insurance policy (HO-3) will provide coverage if you rent the home out to tenants. This is completely false and in the event of a loss, you could potentially be in a situation where the insurance company has denied your claim since a standard homeowners insurance policy by contract is for primary homeowners and not a rental property.

What does Landlord Insurance Cover?

A Landlord policy is highly customizable depending on the needs of the investor renting out the property. Below is a list of coverages that you can expect to be available to you with landlord insurance:

  1. The Dwelling/House – covers the dwelling including any attached structures like a deck or garage.
  2. Other Structures – covers detached structures on your property like a gazebo or swingset.
  3. Your Personal Property – Covers appliances, and any furnishings you may provide to your tenants. Keep in mind this will not cover your renter’s personal belongings so it is always recommended to require your renters to get their own renter’s insurance policy.
  4. Liability – liability coverage for if an accident happens on the property where you as the owner may be liable. A good example of this is if you were notified by the client to fix a railing but you failed to do so. Then, someone has an accident when the railing finally breaks.
  5. Loss of Rents – If your home becomes uninhabitable due to a covered loss like mold or fire damage and the renters have to move out, the insurance company will pay for that loss of rental income up to a certain limit.

What does landlord insurance not cover?

Landlord insurance does not cover everything so you will want to make sure when you get quotes to ask questions on what your concerns are before picking an insurance company. Below is a list of common coverages not included under a landlord policy:

  1. Your Renters Personal Belongings – your landlord policy will cover any belongings of yours like appliances but will not cover anything owned by your renters. You will want the renters to get a separate policy of their own to cover their belongings.
  2. Equipment Breakdowns – your landlord policy generally does not cover mechanical break-downs or wear and tear on your systems and equipment in the home. For example, if your 15-year-old water heater stops heating the water in the home, you will most likely have to pay for this out of your pocket.

Are there different types of landlord insurance?

Generally, landlord insurance policies are written on 2 different policy forms.

  1. DP-1 (Dwelling Fire 1): A DP-1 policy form is a basic coverage form covering the structure and contents of the property in the event of a fire. This is usually the cheapest policy form available.
  2. DP-3 (Dwelling Fire 3): A DP-3 policy form is a more comprehensive form that covers the structure and contents of the property in the event of a fire, as well as liability and loss of rent. This policy form is more expensive but can offer more protection for your rental property.

How much does landlord insurance cost?

A landlord insurance policy costs can vary greatly depending on the insurance company, zip code, and the coverages you select. That being said, typically you see the annual premium between $1,000-$3000 depending on the size and replacement value of your home.

Is Homeowners Insurance or Landlord Insurance more expensive?

Typically, homeowners insurance provides better coverage and is less expensive than landlord insurance. The reason for this is the higher risk involved with having tenants at a property than primary homeowners. Homeowners tend to take better care of their homes than tenants will.

How much landlord insurance do I need?

This will depend on what you would like covered and what you can do without. You can get a policy that just covers the dwelling, other structures, and personal property or you can add on liability and loss of rent. It is always recommended to have more coverage than you think you need so that in the event of a loss, you are fully protected.

When considering getting landlord insurance, be sure to ask your insurance company these important questions:

-What does the policy cover?

-What is not covered?

-How much will it cost?

-How much coverage do I need?

Once you have the answers to these questions, you can make an informed decision on whether or not landlord insurance is right for you. Remember, your investment property is a valuable asset and it is important to protect it with the right insurance policy.

As a landlord, should I require my tenants to have renters insurance?

Having your tenant get renters insurance is extremely important because it will protect their belongings in the event of a loss. If something happens in the home and their belongings are damaged, lost, or stolen, renters insurance will help to cover those costs.

By requiring your tenant to get renters insurance, you may also be protecting yourself from any liability that may come from an accident on the property. If your tenant is injured on the property, renter insurance will help to cover their medical expenses.

Landlord insurance is an important policy to have for your rental property and it is important to ask the right questions when considering getting coverage. Be sure to talk with an insurance agent today about what landlord insurance can do for you.

When should I get landlord insurance on my property?

You should have landlord insurance lined up before taking ownership of the rental property. This will ensure that you are fully protected in the event of a loss. If you already own a property, it is never too late to get landlord insurance. Request a quote today to see your options before you have a loss.

How to get a quote for landlord insurance?

Eli Alcorn can help! You can get Landlord Insurance by requesting a quote from us. We would be happy to go over the different policy forms, coverages, and premiums with you to find the best policy for your needs.

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I bought a new house and now will be renting the old one. What do I need to do?

You need to contact your insurance agent immediately to get landlord insurance instead of home insurance. This is a common mistake but if that home insurance is left on while your renting, you could put yourself in a position for the insurance company to decline the claim.

Homeowners insurance is for primary homeowners and not for rentals. This is why you should always let your agent know of any major changes like renting out your house.

Do I need landlord insurance for my air bnb?

You absolutely will want insurance covering your property whether a long term lease or an air bnb. Make sure you are discussing this with your agent as well. Some landlord policies will only cover for long term leases whereas others will allow for short term leases.

Air Bnb has become a very popular way to make some extra money, but it is important that you are protecting your property just as if you were living there.

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