Lost rental income
- Reimburses you for lost income while the home is unlivable during renovations or after a fire, theft or another natural disaster.
- Won’t cover lost income for evictions or nonpaying tenants unless you buy a specialized policy.
Landlord insurance protects you if your tenants get injured in your home or damage your property. There are a few different types of coverage to choose from, and the best policy for you comes down to the size, value and construction of your property, and where it’s located.
This policy offers a range of protection for three critical areas: liability, damage to your rental home and lost income if the rental becomes unlivable.
Standard landlord policies don’t cover lost rental income if your renters can’t pay their bills, unless your policy has a broad loss of income clause. But you have several options to keep your business going if their nonpayment puts you at risk:
Landlord insurance tends to be more expensive than home insurance. A landlord policy should cost between 15% and 30% more than homeowners insurance on the same building. But your exact premium depends on:
No, there is no federal or state legal obligation for a landlord to take out insurance. However, some lenders require you to take out a policy before approving your application for a loan. It’s also a good idea to check local city and county laws to find out if you might be subject to additional requirements.
Consider a range of coverage options you could add to your landlord policy, including:
Most landlords benefit from landlord insurance because it:
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, but general exclusions you might see are:
No, landlord insurance is not designed to cover damage to the home caused by your tenants’ pets. But you might find add-on pet liability coverage in case a 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 secure the best possible coverage for your needs and budget, compare home insurance policies.
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