What is landlord insurance?
Landlord insurance, sometimes referred to as investment property insurance or rental insurance, helps protect your rental properties in the case of a covered loss. In general, landlord insurance helps cover the structure(s) and property used for maintenance.
What does landlord insurance cover?
- Your property itself
- Damage or injury that occurs on your rental property
- Loss of rent
Is landlord insurance the same as home insurance?
No, landlord insurance and home insurance are different. Landlord insurance is specifically designed for the needs of someone who is renting a property long-term. In addition to protecting the “dwelling” (or structure) of a property, it also covers loss of rent, accidental damage caused by tenants, and other situations when the landlord may be held liable for damages or injury.
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How to compare landlord insurance companies
When comparing landlord insurance quotes, you may see a lot of similarities. That goes for if you're looking for the best landlord insurance or the cheapest landlord insurance. That's because there are common coverages most policies have like
- Personal Property Coverage (for your belongings in the rental, not your tenants')
- Premises Liability and Medical Payments to Others
- Dwelling (property damage to your rental property)
- Hurricane Damage
Tips for comparing landlord insurance quotes
- Compare coverages and make sure the options meet your needs
- Choose the same deductibles because they can affect your quote prices
- Optional coverages can affect your price like Water Backup Coverage (not always available)
When comparing landlord insurance, you should also think about how easy it is to deal with the company. At Liberty Mutual we make landlord insurance easy. Our fast and easy quotes let you customize your landlord coverages so you only pay for what you need.
Last but not least, you should also consider the insurance company's reputation. At Liberty Mutual, we believe progress happens when people feel secure — and that goes beyond insurance.
How much is landlord insurance?
With Liberty Mutual, the cost of your landlord insurance is customizable, so you only pay for what you need. Things that will typically impact the cost of landlord insurance include
- The location and surrounding environment
- The type of weather your state experiences
- The age of the building and systems
- Prior claims
Generally, the less risk you have the lower your price may be. It all depends on your needs. Keep in mind that you can lower the cost of your premium by increasing your deductible.
Does landlord insurance cover tenant damage?
If the damage is caused accidentally, the landlord may be covered. For example, if a tenant has a fire in their kitchen, the property would likely be covered.
Consider requiring your tenants to have renters insurance. Policies are affordable and easy to get online.
Understand your landlord coverage options
Get started creating your custom mobile home insurance quote by calling us at 844-237-5603
Looking for some advice? We can help.
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Landlord insurance frequently asked questions
Yes, for covered losses, dwelling coverage would help pay for a total loss caused by things like fire or severe weather.
Yes, this would be covered under the Premises Liability Coverage1 part of a landlord insurance policy. This coverage can help pay for legal action the injured person may take against you.
No. A landlord policy is meant for the owner of the building. For an individual renter and their belongings, they would need a renters insurance policy to help cover their own things.