Renting out a property can be a lucrative financial decision – but it comes with its responsibility and risk. Landlord Insurance protects the landlord from financial loss and typically includes property and liability coverage.
Typical Coverage Includes
- Personal Property
Renting out a property takes upkeep and maintenance from the landlord. This may include equipment like kitchen appliances or construction equipment.
Protect yourself from personal injury or alleged legal fees from accidents that happen on your property.
Home Owners vs. Landlord Insurance
Don’t risk financial insecurity assuming homeowners insurance covers your rental property. Homeowners Insurance does not cover liability or damage from a dwelling not occupied by the property owner.
Being a landlord is different from dwelling and living in your own home. It comes with extra liability and responsibility for damages your tenant may cause or accidents that may happen on your property that is not included in your basic homeowners policy. Depending on the policy, you may also be covered for a loss of income if your property becomes uninhabitable.
Types of Policies
Depending on the length and frequency your rent your property, you may want to consider the following terms
Whether you own or manage a rental property, it’s critical to understand the differences between homeowner’s insurance and landlord insurance to choose the right policy options for your specific circumstances. Learn more about what Landlord insurance is all about here…
A Rental Dwelling Policy is suited for properties that are rented out for at least 6 months at a time.
Renting out your property for short periods may be included in your existing homeowner’s insurance. Depending on the policy, you may be required to notify the insurance company when using the coverage.
Renting out your property frequently for a few days at a time may put your property comes with a different type of risk than long-term or occasional renters.