Owning a rental property can be a great source of income, but it also comes with unique risks that standard homeowner insurance doesn’t fully cover.
That’s where landlord insurance comes in. Check out our guide below!
Questions? Reach out to one of our knowledgeable insurance agents. We’re eager to set you up with the right coverage and rate!
Owning a rental property can be a great source of income, but it also comes with unique risks that standard homeowner insurance doesn’t fully cover.
That’s where landlord insurance comes in.
What Is Landlord Insurance?
Landlord insurance is a specialized policy designed for property owners who rent out their home, condo, or investment property.
Unlike homeowners’ insurance, it’s built specifically to protect against the risks associated with tenants.
What Does It Typically Cover?
A landlord policy generally includes:
1. Property Damage
Covers damage to the structure caused by events like:
- Fire
- Storms
- Vandalism
2. Liability Protection
If a tenant or guest is injured on your property, landlord insurance can help cover legal and medical expenses.
3. Loss of Rental Income
If your property becomes uninhabitable due to a covered loss, your policy may reimburse you for lost rental income while repairs are being made.
What It Does NOT Cover
One common misconception is that landlord insurance covers tenants’ belongings, it does not.
Tenants need their own renter insurance to protect their personal property.
Why Homeowners Insurance Isn’t Enough
If you’re renting a property but still have a standard homeowner policy, you could face serious coverage gaps.
In some cases, claims may even be denied if the insurer wasn’t informed the property was being rented.
Who Needs Landlord Insurance?
You should consider landlord insurance if:
- You rent out a home, condo, or townhome.
- You own multiple rental properties
- You occasionally rent your property (long-term or short-term)
Rental properties can be a powerful investment, but only if they’re properly protected.
Landlord insurance helps safeguard your property, your income, and your financial future, so you can focus on growing your investment with confidence. Want more information about Landlord Insurance? Call our agents at Cornerstone Insurance Agency LLC.
This article is for informational purposes only. You should not act based on this information without first consulting with your insurance agent; if you would like a quote from a Cornerstone Insurance Agency licensed agent, contact us. We disclaim all liability for actions taken or not taken by you based on the contents of this article which is provided “as is.” Cornerstone makes no representation that this content is error-free.