Our top pick: Policygenius home insurance
- Compare 12+ brands in one place
- Hands-on support
- Easy to switch
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
Image source: Getty Images
Safe drivers and electric car owners could see cheap rates, but its claims process isn’t perfect.
Get a low-cost policy for liability expenses that exceed your car or home insurance coverage.
The Chase United Quest piles on the perks without breaking the bank.
Learn about what will happen to your home loan when you die and how to avoid any nasty situations with some pre-planning.
Receive extra liability coverage with an umbrella policy from these top insurers, though they may require you to have car insurance through them.
Get a generous allowance to put towards contact lenses or frames with this plan.
From making a business plan and getting insurance to marketing and setting your prices — here’s how to start your own cleaning business.
This insurer has four dental plans to choose from — compare costs and features now.
Here’s where to get financial help for yourself and your business if you’ve been affected by the storm in February 2021.
Prepare to revamp your asset allocation and explore new investment classes.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.