
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated . What changed?
Your landlord insurance policy should offer some coverage during the coronavirus. But you might resort to other options if your tenants can’t pay their rent — standard policies don’t usually cover this reason for lost rental income.
Your landlord policy should cover liability claims from the coronavirus. But most standard policies won’t cover lost rental income from nonpaying tenants. Keep these factors in mind about how your coverage comes into effect during the coronavirus:
Not every policy offers the same protection and exclusions. Review your policy before dismissing whether you have coverage, especially for lost income coverage.
No, you should be able to take out landlord insurance today and get liability coverage for the future coronavirus cases. You should be upfront with your insurance company about the possibility of liability claims or nonpaying tenants. Then, your company can give an accurate assessment of your risks and answer any questions about your coverage.
If tenants can’t make their rental payments, you typically can serve tenants a notice to either pay or move out. Most states have specific guidelines that landlords have to follow when serving this notice, such as providing it in writing and giving a few days to move out.
If the renter doesn’t follow the instructions on your notice, you can file a lawsuit for eviction. You have the burden of proving the renter’s violation of your rental contract. You’ll need proof that your tenants either didn’t pay or they violated another part of the contract, like keeping a dog on the property without paying fees.
Once tenants leave the property, many states let you keep some or all of the security deposit for unpaid rent or rental damage.
It depends on the type of mortgage you have as a landlord. You’re banned from evicting tenants until December 31, 2020, if you have a Federal Housing Administration (FHA), Freddie Mac or Fannie Mae loan on a single-family home and some multifamily homes.
After this deadline, you have to follow your state’s eviction guidelines, typically giving at least a few days for renters to pay or move out. Along with lenders banning evictions, a few states are enforcing bans on ousting renters who are behind on payments due to the coronavirus. State bans apply to all or most landlords in that area.
The federal government hasn’t outlined coronavirus relief funds for landlords specifically, as of June 25, 2020. However, landlords may qualify for emergency business funds and coronavirus relief through federal or private programs:
To help your tenants during hardship, you may have to look for business financial relief first and pay it forward. Otherwise, you might need tenants to leave to receive payouts from their security deposit or your insurance.
Options you might consider:
Your landlord policy won’t help with lost income if your tenants default on rent unless you bought a specific guaranteed rental income policy. However, you might find government and local resources to support your business despite your lost rent. What landlord insurance can help with are legal cases if tenants file claims against you during the coronavirus.
Find out who’s getting checks, unemployment benefits, student loan relief and more.
Ways to protect your assets and what you need to know about marital debt.
Learn what your policy covers and how eviction affects your insurance.
From buying tigers to cancelling car insurance, Finder shares a deep dive into 21 Google search terms that changed with coronavirus at the wheel.
Best tips for planning a road trip and saving money along the way.
Save up to 20% on your home’s policy by improving its safety and security.
From bears to boats, know when your campout could use protection to cover all the possibilities.
Use these tips to lower your current rent — or save up for a new place if your landlord won’t budge.
We sat down with OneMain Financial’s chief risk officer to talk about borrowing amid the COVID-19 pandemic.
Learn how to choose a financially stable insurer and lock in a low rate for your policy.