Landlord Insurance
Coverage for rental property owners including liability and lost rent.
Typical cost: $800 – $2,000+ per year
What Is Landlord Insurance?
Landlord insurance (rental property insurance) protects property owners who rent their homes to tenants. It covers the dwelling structure, liability claims, and lost rental income—but not tenant belongings, which require renters insurance.
How It Differs from Homeowners Insurance
Standard homeowners insurance doesn't cover rental activities. If you rent out your home and file a claim under a homeowners policy, it may be denied. Landlord insurance is specifically designed for the unique risks of rental properties, typically costing 15-25% more than homeowners insurance.
Coverage Types
DP-1 policies cover basic named perils. DP-2 adds more perils. DP-3 provides open-peril coverage for the dwelling. Most landlords choose DP-2 or DP-3 for comprehensive protection against the various risks that come with rental properties.
What's covered
Dwelling Coverage
Protects the rental property structure from fire, storms, vandalism, and other covered perils.
Liability Protection
Covers legal costs and settlements if a tenant or visitor is injured on the property.
Loss of Rental Income
Replaces rent payments while the property is uninhabitable due to a covered loss.
Other Structures
Covers detached garages, sheds, and fences on the rental property.
Landlord Furnishings
Covers appliances and furnishings you provide for tenants.
Vandalism Coverage
Protects against intentional damage by tenants or others.
Specialized coverage
Explore specific landlord insurance options.
Single-Family Rental Insurance
Coverage for single-family rental homes.
Multi-Family Rental Insurance
Insurance for duplexes, triplexes, and apartment buildings.
Commercial Rental Insurance
Coverage for commercial rental properties.
Short-Term Rental Insurance
Protection for Airbnb, VRBO, and vacation rentals.
Vacant Property Insurance
Coverage for unoccupied rental properties.
Pros and cons
Advantages
- Protects your rental property investment
- Loss of income coverage maintains cash flow during repairs
- Liability coverage defends against tenant injury claims
- Covers landlord-owned appliances and furnishings
- Available for single-family, multi-family, and condos
- Tax-deductible as a business expense
Considerations
- Costs 15-25% more than standard homeowners insurance
- Does not cover tenant belongings
- Vacancy exclusions apply if property is empty too long
- Wear and tear from tenants not covered
- Flood and earthquake require separate policies
Frequently asked questions
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