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Landlord Insurance


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Looking for landlord insurance? Landlords often face the same risk as tenants and homeowners alike. Landlord's are subject to the same type of losses a traditional home owner or renter may face. No one knows when disaster can strike, which is why it's important to make sure you have the most comprehensive landlord insurance policy for the lowest amount of premium. We take the guessing out of finding affordable landlord insurance and make it easy to compare landlord's property rental insurance rates. To get started, simply enter your zip code and compare instantly!

What may a standard landlord insurance policy cover

    • Dwelling Coverage to insure the landlord's rental property against loss from perils defined in your policy, such as fire, hail, theft and vandalism or malicious acts
    • Personal Property Coverage to insure you, up to policy limits, against loss or damage to your furniture, appliances and other property you provide to your tenants, as well as losses due to theft
    • Personal Liability Coverage to help cover legal costs, medical expenses and other damages related to liability claims and lawsuits brought by visitors to your residence, should they be injured or suffer loss or damage to their personal property
    • Other Coverage to insure you against business interruption — for example, as a landlord, if your tenants don’t pay on time or fail to leave the property according to terms of their lease, you may be eligible to submit a claim

Actual Cash Value vs. Replacement Cost

As a landlord, you'll want to make sure you have comprehensive coverage. Don't make the common mistake of purchasing a landlord insurance policy that only provides cash value. With the increasing costs associated with replacing a structure, building costs has skyrocketed. We often recommend that you purchase a replacement cost policy as a landlord to make sure you can rebuild a replacement at full cost.

Simply put, actual cash value or ACV coverage will pay only for what your property was worth at the time it was damaged or stolen. So, if you bought a television five years ago for $500, it would be worth significantly less today. Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost, again minus the deductible. In some regions, most insurers write ACV coverage. In others, they'll quote you replacement cost coverage by default. Replacement cost coverage will cost you more in landlord insurance premiums, but it will also pay out more if you ever need to file a claim.


As a landlord, let your agent know about any particularly valuable items you have. You may have recently replaced boiler, roofing system, copper piping, garages or other items of significant cost. By notifying your insurance agent before hand, you'll ensure that they are aware of items that may need an increased amount of protection to cover you at a time of loss.


Landlords Take Inventory

To ensure you are compensated for any belongings you lose from a fire, storm or other catastrophe, you should inventory business property and anything else in value that you may want covered at a time of loss. As a landlord building owner, your inventory should list each item, its value, and serial number. Landlords often photograph or videotape each room, including closets, open drawers, storage buildings and garages while keeping receipts for major items in a fireproof safe.

What Happens at the Time of Loss

If your apartment or building becomes uninhabitable due to a fire, burst pipes, or any other reason covered by your policy, your insurance will cover your "loss of income." Generally, that means paying for loss of rental income while the property is being restored. You're renters will be affected if your property is affected by any of the names perils on your policy which is why you should require them to shop for renters insurance quotes when they sign a lease. Both landlord and rental insurance coverage is often purchased at the time of buying a property or renting one and it's an important detail that may be overlooked. Without adding this coverage, should their be a loss, you may not have enough money to cover your cover your personal property or repairs that may be required should your tenant's rent stop arriving. The thing to keep in mind is that sometimes 12 months is the longest an insurance company will continue paying and while renters insurance will not cover a landlords personal property, it's important to compare quotes to get the best rates.

Additional Liability Coverage

A landlords liability insurance protection is also standard with most insurance policies. This means if someone in your building happens to slip or fall, you and/or your business partners are covered for any costs, up to your liability limit. Liability limits often vary and should be addressed at the time your rate is quoted. It may be a small and insignificant amount to increase your liability coverage if you haven't had any losses in the past. Take the time to learn more about this coverage if you'd prefer to have the insurance company settle any lawsuits or damages just in case you get sued.


Keeping your Landlord Insurance Premiums Low

Just like any other type of homeowners insurance policy, your premium depends on a number of factors: where you're building resides, your deductible, your insurance company, and whether you need any additional coverage. There are ways to reduce your landlord owners insurance bill. Increasing your deductible (the amount you pay before your coverage kicks in) is one strategy that often works well.

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