Property Insurance
Landlord Insurance for Rental Property Owners
Rental property owners face a different set of risks than owner-occupants. Landlord insurance is designed to address the considerations that come with renting a property to tenants. Insurance Connections Agency can help you compare available landlord insurance options from multiple carriers.
What Landlord Insurance May Address
Coverage varies by carrier and policy, but landlord insurance commonly considers protections that differ from a standard owner-occupied homeowners policy.
- Dwelling protection for the rental structure
- Liability related to the rental property
- Property owned by the landlord at the rental premises
- Loss-of-rent / loss-of-income coverage where available
Factors That Affect Landlord Coverage
Appropriate coverage depends on the specifics of your rental property. Several factors shape what options may be available and at what pricing.
- Property type (single-family, multi-family, mixed-use)
- Occupancy — tenant-occupied versus vacant
- Number of units
- Location and its exposure to risks such as wind or flood
When Rental Property Becomes Vacant
If a rental property becomes vacant between tenants, standard landlord policies may contain restrictions. Insurance Connections Agency can help you understand options for vacant or unoccupied properties during those periods.
Things to Consider
- Whether your policy follows the property between tenants
- Liability limits appropriate to tenant occupancy
- Loss-of-rent coverage and its conditions
- Whether flood or wind exposure requires separate coverage
Frequently Asked Questions
What insurance does a landlord need?
Landlords commonly consider insurance designed for rental properties rather than relying on a standard owner-occupied homeowners policy. Appropriate coverage depends on the property, occupancy and risk.
What happens to insurance when a rental property becomes vacant?
Standard landlord policies may contain restrictions relating to vacancy or extended unoccupancy. Options for vacant property insurance may be available, but eligibility differs from occupied-home coverage.
Compare your property insurance options
Talk directly with Chuck for a personal review of your coverage. As an independent agent, he can compare available options from multiple carriers.