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Landlord Protection Insurance

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What is landlord protection insurance?

Landlord protection insurance helps protect your financial interests when you have rented properties. It helps provide protection for the property’s structure (if a single family home), and personal belongings in the rental (furniture, appliances, electronics, etc.). It can also provide protection if you are sued for injuries that you’re liable for, associated legal fees as well as unique coverages unique to the landlord-tenant relationship.

Do you need landlord protection insurance?

Rental properties are a serious investment, and they come with unique risks. You don’t want to leave such a valuable asset unprotected. You may be counting on these investments to help pay for your retirement or to leave an inheritance to your children. It deserves proper insurance protection.

Landlord protection insurance is good for those who own up to 16 total rental units. With none of the individual units being larger than a 4-plex. If you own larger properties, like apartments, you require a commercial insurance policy.

This coverage includes protection for damages to the dwelling as well as from certain liabilities unique to landlords such as wrongful eviction and wrongful entry lawsuits. 

Landlord protection insurance

What’s the difference between landlord protection insurance and homeowners?

This is a good question. Generally speaking, Landlord protection insurance covers the protection of your rental properties, specifically the “dwelling” (the structure of the property) as opposed to your possessions, which are covered by homeowners insurance.

Additionally, landlord policies have options for liability protection against risk inherent to the landlord-tenant relationship that aren’t contained in the home policy.

However, landlord protection is extremely flexible and can be customized to include extensive loss of use, landlord’s personal property, extended liability as well as personal injury liability.

What is covered by landlord protection insurance?

These basic dwelling fire insurance coverages that come standard in your policy:

  • Dwelling Coverage

    Coverage for the rental property’s structure

    Dwelling coverage pays for damage to a rental property and the attached structures when there is a covered loss. This coverage is not normally provided for condos rented to others, and is replaced with Interior Coverage. Basic policies may only cover a limited number of perils, but you can add additional perils by endorsement.

    Example: A pipe in your kitchen bursts and water damages your walls, cabinets, countertops, appliances, and hardwood floors. Dwelling coverage would pay to repair or replace what’s damaged and water removal.

  • Personal property

    Covers the landlord’s personal belongings in the rental property

    The landlord personal property, like appliances or any furnishings included in the rental, are covered under personal property when there is a covered loss. This coverage is not meant to cover any personal property of your tenant. The coverage is subject to the limit purchased.

    Example: A fire destroys part of the kitchen, including the oven and dishwasher that was included in with the rental. Landlord protection insurance pays to replace these appliances up to the limits and possibly subject to an actual cash value at the time of the loss.

  • Loss of Use

    Covers your lost rents due to covered losses

    If there is a covered loss that displaces your tenant, this coverage will pay for lost rents during the time of the repairs. The coverage is often offered as a dollar amount limit, or a specific time period.

    Example: There’s a fire at your rental property, and your tenant is forced to get temporary housing which costs you two months of rents. Landlord protection insurance may pay for those lost rents.

  • Premises liability

    Covers lawsuits if you’re sued

    Premises liability coverage helps protect the landlord if sued for injuries sustained at the rental property. With some policies it can include personal injury covering wrongful eviction or entry, invasion of privacy, libel and slander. Additionally, this coverage can be extended by endorsement to include property managers and other legal structures that have an interest in the property.

Rental property insurance specific coverage

This coverage is unique to the landlord protection coverage you can purchase:

  • Personal Injury Liability

    Protection from lawsuits unique to landlords

    Personal injury coverage protects you from tenant claims of libel, slander, wrongful eviction, wrongful entry, and invasion of privacy. Such claims are not uncommon among landlords, so it’s best to be prepared.

    Example: If you must evict one of your tenants for a reasonable cause, and they sue you for the eviction, you must respond to the lawsuit even if it’s frivolous. This coverage option helps you defend yourself and your investment in case this happens to you.

Optional landlord insurance coverages

You can add any of these coverages to your policy based on your needs:

  • Water back-up

    Covers water damage from backed-up sump pumps and sewers

    Some homes or condos have sump pumps in their basements or crawl spaces. These are designed to pump water out from underneath and around the foundation. If sump pumps or plumbing/sewer systems get backed up, water can seep into your place and cause an expensive mess. Water back-up coverage can pay for damage to your belongings and water removal.

    Example: The sump pump in your basement breaks down, and water floods the home you’re renting, damaging your carpet, furniture, and more. Your water back-up coverage will pay for the sewage removal and damage to your property.

Landlord Protection Quote

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Landlord protection insurance question?
We’ve got answers.

I own a home that we rent, is landlord protection Insurance for me?

Yes. A Landlord Protection insurance is designed for landlords just like you. In fact, it’s more appropriate than your basic home insurance as it has specific coverage for lost rents, and protections specific to the landlord-tenant relationship.

I own a small building with four apartments and retail space, is that covered?

Landlord Protection insurance is intended for non-commercial residential properties. The retail space makes the building mixed-use, which is not typically a personal insurance risk. You may need BOP or commercial property policy for apartments.

What’s the max number of rentals I can own and still get a policy?

In most states, our carriers will insure you if you own a maximum of 16 rental units. A duplex, for example, counts as two units.  Landlord protection insurance combines elements found in a commercial policy, but made available as personal insurance to give you the best possible protection.

I’m currently between tenants, can I still get a policy?

To be eligible for a landlord protection policy, all units should be occupied by a tenant. However, there are exceptions. You speak with an insurance agent about your options.

For example: If you’re doing a light renovation between tenants, like painting or re-carpeting, you may still be eligible to insure your property.

I own a duplex and live in one unit and rent the other. Is there a landlord policy me?

A typical landlord insurance policy is for dwellings occupied exclusively by tenants. If you’re living at the residence, you likely need to purchase a home insurance policy and purchase endorsements to help cover the landlord exposures, like landlord furnishings and personal offense.

If I buy and “flip” rentals do I need landlord protection insurance?

This is not what landlord protection is designed to protect, it’s really for landlords who plan to own the investment for a while, not for those investing in speculative properties.