What Is Included In Landlord Insurance?

If you’re becoming a new landlord, whether it’s for a rental home or an apartment, before putting out that “For Rent” sign, be sure you have your landlord insurance or rental property insurance in place.

Although Landlord Insurance is not a legal requirement, your rental property is your business, your investment, and just like other businesses, you want the protection of good insurance. It will cover claims specific to rental dwellings that regular home insurance will not cover, such as your personal belongings that may have been left behind for the use of your tenant.

Unfortunately things can, and do happen beyond your control, such as storm damage, fires and damage done by renters…you’ll want to be prepared if they do.

What will a Landlord policy cover?

• Property Damage – Typically it covers damage to the main dwelling that is caused by bad weather or fire, and may also cover damage to detached structures such as sheds or garages. If you keep yard maintenance equipment in the shed or garage, it may be covered too.
  • If  your rental is fully furnished, your furnishings may also be covered.
  • If your property needs to be rebuilt, obviously it will need to be rebuilt to code, which may mean it will need to be upgraded and the upgrades may cost more. Those additional costs may be covered by your policy.
• Liability – In the event that either a guest or the renter is injured on the property, Landlord Insurance can help with medical costs or possible legal fees.
• Loss of Income – If your property has been damaged by one of the “covered causes” and is unrentable, while it’s being repaired, your lost income will be reimbursed by most policies for the time you are unable to rent it.

Landlord Insurance won’t cover….

• Tenant’s personal belongings – Encourage your tenants to purchase renter’s insurance, because none of their possessions are insured by your policy.
• Maintenance or breakdown of home equipment – Repairs to such things as the furnace, the refrigerator, or other provided appliances will need to be paid by you.
• Shared property – Landlord Insurance is usually not available to someone who rents out a room or portion of the house they live in to someone else. Talk to your insurance agent and see what options are available to you.

If you are considering renting out the home you live in, you might consider talking to your insurance agent to switch out your homeowners’ policy to a Landlord policy…it will be more specific to your needs.

At Whitcomb Insurance we love to sit down with our clients, and we would be happy to sit down with you, answer any questions you might have, whether it’s about auto, homeowners, small business or life insurance. You can count on us to be totally honest and upfront with you!

Along with great insurance options, we also offer Financial Services. You can count on us to be totally honest and upfront with you!

Contact us or give us a call at 425-391-8731.