What Is Landlord Insurance?
Landlord insurance, also known as rental property insurance, is a type of
homeowners insurance that is important for both tenants and landlords. However, this type of insurance comes in different policies for each. Tenants need
renters insurance to protect their valuables and personal property. Property owners need landlord insurance like Rental Property Protection Plus coverage from The Hartford to protect their rental property and everything they own inside them.
For example, as a landlord, if your rental unit is damaged from a storm, landlord insurance can help cover the repair costs. Or if there’s a fire at your rental property and the damages result in a total loss,
rental property insurance can help pay for the costs to rebuild the rental unit.
What Does Landlord Property Insurance Cover?
Typically, policies for landlord insurance cover you in cases of:
2
- Property damage
- Lost income
- Liability situations
Structure Damage
Landlord insurance policies provide coverage for property damage to a home’s structure caused by a covered loss, like a fire.
Loss of Income
Loss of income coverage protects you if your rental property is damaged by wind, hail or another covered loss and can no longer be rented out. This coverage can help to replace your loss of rental income during that time.
Liability Situations
Liability coverage protects you in situations where someone is injured while visiting or living at your rental unit. For example, if a tenant slips and falls on icy steps, liability insurance can help pay for their medical expenses and any legal fees.
What Does Landlord Insurance Not Cover?
Landlord insurance is designed to cover properties that are rented out to tenants. It typically does not cover damage to a tenant’s personal belongings or repairs to appliances on your property, such as a broken refrigerator.
Homeowners Insurance for Rental Properties
As a landlord, you want to make sure your properties are well-protected. That’s why we offer comprehensive landlord insurance. Our policies offer
dwelling coverage to protect your rental unit and structures directly attached to it. This includes flooring, walls and the roof. Policies from us also provide fair rental value coverage. This helps cover you if your rental property is damaged in a covered loss like a fire and can no longer be rented out.
Additional coverages you can add to your policy are:
- Other structures coverage to help cover buildings on your property that aren’t attached to your house, such as garages or sheds.
- Personal property coverage which helps cover your personal belongings inside your buildings, like appliances and furniture provided in your units.
- Medical payments coverage for help paying medical costs for any injury that occurs on your property.
- Premises liability coverage to help cover you if you are found legally liable for bodily injury or property damage on the premises.
What Does Landlord Property Insurance Cost?
Landlord insurance costs can be influenced by a variety of factors that typically impact homeowners insurance rates, like:
- Your property’s location
- Your property’s age
- Claims history
Purchasing Landlord’s Insurance
Without landlord’s insurance, you may be financially responsible for repairs and legal costs if something happens at your rental unit. However, you can buy our optional Rental Property Protection Plus policy in addition to your homeowners insurance. This ensures you’re protected if the unexpected happens.
For example, if there’s a fire at one of your properties and it causes significant damage, rental property insurance can help you pay for the repairs. Without it, you may have to pay the cost in full, completely out of pocket.
You may also end up responsible for legal fees if someone gets hurt at your rental unit and files a lawsuit. However, having premises liability coverage added to your rental property insurance will help you by defending the case in court and covering some of the costs if you’re ordered to pay a settlement, within your limits.
As a landlord, you have so many responsibilities. At The Hartford, we’re here to help give you relief where we can. You’ll have peace of mind with our landlord property insurance, knowing that Rental Property Protection Plus gives you the coverage you need to keep your investments protected.
To get your quote and add landlord insurance coverage to your homeowners policy, speak with one of our specialists at
888-413-8970.
Last Updated: July 18, 2022
2 Insurance Information Institute (III), “Coverage for renting out your home”