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If you're a landlord or insuring any property that isn't your primary residence, a Dwelling Fire policy may protect you from financial loss if you have rental properties or tenants. Whether you make a living renting multiple properties or you're an "accidental landlord," renting the home you just moved out of and can't sell, a Dwelling Fire policy is important insurance for landlords to carry because standard homeowners policies don't usually cover homes being rented out.
Many of our clients bundle multiple insurance policies for convenience, discounts, and broader protection. Explore these other personal insurance options.
Landlord insurance protects the home or structure you rent and provides personal liability coverage. Liability coverage pays for lawsuits against you or things that are your fault. For example, liability coverage protects you if your tenant sues you because they had a slip and fall accident on the stairs because the handrail was broken. Like homeowners insurance, landlord insurance will protect your property against fire damage, storm damage, lightning, wind, hail, etc. It will also cover you when dealing with tenants.
Landlord insurance is designed to protect residential rental properties that are leased to tenants. Unlike a standard homeowners insurance policy, landlord insurance provides coverage for rental property owners by helping protect the dwelling, detached structures, liability exposure, and, in many cases, loss of rental income following a covered loss.
Whether you own a single rental home or multiple investment properties, landlord insurance can help protect your investment and financial future.
A landlord insurance policy may provide coverage for the rental dwelling, garages, sheds, fences, and other detached structures. It also typically includes personal liability protection if you're legally responsible for injuries or property damage involving your rental property. Many policies also include loss of rental income coverage if the property becomes temporarily uninhabitable due to a covered claim.
Coverage options vary by insurance company, so it's important to review your policy with your insurance agent.
No. Landlord insurance generally does not cover a tenant's personal belongings such as furniture, clothing, electronics, or household items. Tenants should purchase their own renters insurance policy to protect their personal property and provide personal liability coverage.
Many landlords require tenants to carry renters insurance as part of their lease agreement.
Homeowners insurance is designed for owner-occupied homes, while landlord insurance is intended for properties that are rented to tenants. Once you begin renting your property, your homeowners policy may no longer provide appropriate coverage for the risks associated with being a landlord.
Landlord insurance is specifically designed to address rental property exposures such as tenant occupancy and loss of rental income.
Many landlord insurance policies include loss of rental income coverage, sometimes called fair rental value coverage. If your rental property becomes uninhabitable due to a covered loss such as a fire or severe storm, this coverage may help reimburse the rental income you lose while repairs are being completed.
This valuable coverage can help maintain your cash flow during unexpected property repairs.
Landlord insurance may cover certain accidental damage caused by tenants if it results from a covered cause of loss. However, intentional damage, neglect, excessive wear and tear, or maintenance-related issues are generally not covered.
Understanding your policy's exclusions can help you better manage the risks associated with owning rental property.
Yes. Landlord liability insurance helps protect you if someone is injured on your rental property or if you're found legally responsible for property damage. It may also help pay legal defense costs, settlements, and judgments associated with covered liability claims.
Many landlords choose higher liability limits or add an umbrella liability policy for additional financial protection.
The cost of landlord insurance depends on several factors, including the property's location, age, construction type, replacement cost, claims history, occupancy, coverage limits, deductible, and whether the property is rented long-term or seasonally.
Maintaining your property, updating major systems, and installing security features may help reduce your insurance premium.
Many insurance companies offer coverage for landlords who own multiple rental properties. Depending on the insurer, you may be able to insure several investment properties under one account, making policy management more convenient while potentially qualifying for multi-property discounts.
Your insurance agent can help determine the best way to insure your rental property portfolio.
You should review your landlord insurance policy at least once each year and whenever significant changes occur. Renovating your rental property, increasing its value, purchasing additional investment properties, changing tenants, or converting a long-term rental into a short-term rental can all affect your insurance needs.
An annual insurance review helps ensure your rental property remains properly protected while identifying opportunities for additional coverage and available premium savings.
