What Is Landlord Insurance?

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Landlord insurance provides property and liability coverage that protects you and your property if there’s damage or someone gets hurt.

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You’ll find similarities when comparing landlord insurance and homeowners insurance. Still, a standard home insurance policy likely won’t cover damage to a rental property and won’t protect you against lawsuits involving the unit.

Landlord coverage handles the dwelling, other structures, your personal property and liability. One way it’s different is that landlord insurance also covers loss of rental income.

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What Does Landlord Insurance Cover?

 

Landlord insurance covers the dwelling, unattached structures on the property and your own personal property. It also includes liability coverage and loss of rental income if your property is damaged by a problem covered by the policy, such as a fire, and you can’t rent it out.

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Here are common coverage types you’ll likely see in landlord insurance policies.

• Dwelling coverage: Landlord insurance generally covers any physical damage or loss to the property caused by problems such as wind, hail and fire.

• Other structures coverage: Structures not connected to the property, such as a fence, can be protected under the coverage.

• Personal property: This covers damage to your own possessions that you use to What Landlord Insurance Doesn’t Cover

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Landlord insurance generally doesn’t cover damage to the renter’s personal belongings. For example, if a tenant’s furniture is destroyed in a fire, your landlord insurance doesn’t cover their belongings. The tenant needs renters’ insurance for that.

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Landlord policies also typically exclude certain problems, much like homeowners insurance exclusions, such as:

• Earth movement such as earthquakes

• Volcanic activity

• Erosion

• Mudslides

• Water damage due to a sewer or drain backup

• Neglect

• Acts of war

• Asbestos removal