Loss of rental income
- Reimburses you for lost income while the home is unlivable during renovation, after a fire, etc.
- Won’t cover loss of income due to an eviction or nonpaying tenant unless you pay for this add-on.
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Landlord insurance can protect you if your tenants get injured or your property is damaged. But it can’t protect you from all the risks of renting out a home.
Landlord insurance offers a broad range of protection across three critical areas: loss of rental income, damage to building and liability.
There are a range of additional coverage options you may be able to add on to your landlord insurance policy, including:
Landlord insurance is more expensive than home insurance. Generally speaking, a landlord insurance policy will cost about 15% to 30% more than you’d pay for a homeowners insurance property for the same building. The exact cost will depend on:
If you’re renting out a condo where part of the building is owned by a condo association, a typical landlord insurance policy won’t cover you. You’ll need to get a rental condo unit-owner policy, also known as a condo landlord policy.
A landlord policy geared towards condo owners can help protect you from liability and cover any damage to the building not already covered by the condo association’s master policy.
Exclusions vary from policy to policy, so it’s a good idea to read the fine print carefully. You generally won’t be covered for:
No, landlord insurance is not designed to cover damage to the home caused by tenants’ pets. But you may be able to add on pet liability coverage, which helps to cover legal costs if a tenants pet bites someone or damages a neighbor’s property.
If you’re interested in renting to tenants with pets, talk with your insurer to find out more about how you’re covered and what restrictions to consider.
To get the most from your landlord insurance policy:
If you’re renting out a home or unit, landlord insurance can protect you both legally and financially. To get the best policy for you, compare home insurance policies before getting started.
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