Landlord Property Insurance

Addressing Landlord Liability

Residential investment property owners have different liabilities and needs than homeowners. Landlord package policies cater specifically to the liabilities of rental property ownership and can protect landlords for lost rental income, damages to property and personal liability from injuries which might occur to visitors or tenants. Even if the rental property is a single-family home or a duplex, insuring a rental property with a standard homeowner's policy will fail to provide adequate protection and may prove more costly than necessary.

Landlords Have Increased Exposure

Rental property owners are at greater risk of lawsuits than homeowners. The range of possible eventualities is extensive and quite nearly impossible to account for entirely. Package policies are designed for residential investment properties and offer enhanced protection against property damage and injury liability claims associated with the rental property.

Protecting Your Investments

Loss protection options are often available for investment properties, in addition to liability coverage. Policies specifically designed for residential investment properties may optionally protect landlords from lost income for units which become uninhabitable due to covered damages.

Covering Your Tenants

Landlord property insurance will protect the property owner in the event of damage or catastrophe and will cover liability for injuries to tenants and visitors, but landlord property insurance will not cover damage to a tenant’s personal property. As a result, many landlords require that tenants obtain Renter’s Insurance coverage, which is available at very reasonable rates from a range of reputable carriers. Suggesting Renter’s Insurance is a great idea and establishes a precedent which explicitly establishes the limits to the landlord’s liability in the event of a calamity.