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Rental properties insurance offers property owners financial protection when renting out their space to tenants. If you’re considering renting out your property, finding this type of coverage is essential for keeping your assets protected.
Rental Properties Insurance
Rental properties insurance, also called landlord insurance, is a type of policy that provides coverage for property owners who rent out their space to tenants. If you plan on renting out your property, your mortgage lender or homeowners association may even require you to have this type of coverage. Much like traditional home insurance, landlord insurance is essential for protecting your assets and providing financial compensation in the event of unforeseen circumstances, including liability coverage and loss of rental income.What is landlord insurance?
Landlord insurance, or rental properties insurance, is a type of coverage specifically designed to protect individuals who own and rent out residential or commercial properties. It provides coverage for a variety of situations and perils, including property damage, reducing the financial burden on the landlord for repairs or rebuilding. Also called lessor’s risk only (LRO) insurance, this type of policy is tailored to the specific needs of property owners who rent out their properties, while standard homeowners insurance is designed for owner-occupied residences. For example, landlord insurance includes provisions for loss of rental income and liability protection that are not typically included in homeowners insurance. Common commercial property owners who purchase LRO coverage own property portfolios that include:- Warehouses
- Retail complexes
- Apartment buildings
- Office space
How much does rental properties insurance cost?
The cost of landlord insurance varies based on a few factors, including the location of the property, property type, coverage limits, and selected optional policy add-ons. Generally, landlord insurance is affordable and provides significant value in terms of protecting your investment. To save on landlord insurance, you may want to consider bundling your coverage with another type of policy, such as auto or home insurance since many carriers offer multi-policy discounts.What does landlord insurance cover?
Landlord insurance typically covers property damage caused by perils such as fire, lightning, wind, and hail. It also includes liability protection in the event of injuries to tenants or visitors, coverage for loss of rental income due to property damage, and optional coverage for specific risks like vandalism or burglary. It also offers liability protection in the event that a tenant or visitor is injured on the rental property and the landlord is found to be legally responsible, which can help shield landlords from potentially costly legal expenses and damages.Covered by Landlord Insurance | Not Covered by Landlord Insurance |
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Covered by Landlord Insurance
- Property damage coverage, including fire and vandalism
- Liability coverage, like slip and fall injuries
- Loss of rental income due to property damage
- Optional coverage for specific risks like vandalism or burglary
Not Covered by Landlord Insurance
- Vermin and pests
- Wear and tear
- Loss of rental income due to tenant eviction or abandonment
- Intentional damage
Landlord Insurance FAQ
Here are some frequently asked inquiries related to landlord insurance:How do I purchase landlord insurance?
When purchasing landlord insurance, you’ll want to determine the extent of coverage required for your rental property, including property damage, liability protection, and loss of rental income. To better understand your options, request quotes from multiple insurance providers to compare coverage and costs. For added ease and peace of mind, partner with an insurance brokerage like SelectQuote, where you can receive and compare quotes from several of the nation’s most highly rated carriers—all in one place.
What damage is excluded from landlord insurance?
While landlord insurance provides coverage for a wide range of risks, certain types of damage are typically excluded from standard policies. These exclusions can vary depending on the specific insurance provider and policy. For example, landlord insurance may not provide adequate coverage for short-term rentals such as Airbnb properties.
If you plan on engaging in short-term rentals, you’ll want to discuss your specific insurance needs with your provider to ensure proper coverage. It’s important to note that this type of coverage doesn’t extend to your personal property or to your tenant’s customers, and only pays for damages related to injuries sustained by your tenants. To protect their property, tenants will need to have renter’s insurance.
Shop for rental properties insurance and save with SelectQuote.
Whether you’re a landlord seeking to update their coverage or you’re considering renting out your property and want to explore your options, finding the right insurance policy is essential. Fortunately, our licensed insurance agents are here to help. With nearly 40 years of industry experience, we can guide you through the process of finding the coverage you need at a price that works for your budget. Let our agents use SelectQuote’s proprietary technology to shop for landlord insurance from dozens of the nation’s highly trusted carriers so you can focus on what really matters—providing you with the peace of mind your property is protected.We do the shopping. You do the saving.
