As a landlord, you must account for many risks and exposures that could affect your physical property and financial interests. Even if you’re steadfast in maintaining your rentals and vetting potential tenants, mishaps and accidents cannot always be prevented. Fortunately, by working with a qualified insurance professional, such as those at Elliott-Hartman, you can shield your assets and interests from unexpected situations and continue to provide housing safely and responsibly.

What Is Landlord Insurance?

Landlord insurance may also be called rental property insurance and should be considered an essential investment for anyone who rents out houses, apartments or other residences to tenants. These policies function similarly to many other insurance products and preserve your right to file a claim for financial aid following covered incidents. If approved, you can receive a payout up to your policy’s limits minus your deductible, which is the minimum amount you’ll generally have to pay out of pocket.

Why Is Rental Property Insurance Important?

Landlord insurance can be critical in helping you maintain and financially protect your rental properties. In many cases, your policy may include the following features:

• Buildings coverage may assist with losses and damages involving the structural elements of your property, including its roof, walls, foundations and plumbing and electrical systems.
• Personal property coverage may financially protect belongings you leave on the premises, such as common area and outdoor furnishings and maintenance equipment.
• Landlord liability coverage may offset losses sustained by other parties, such as tenants and guests, if you’re at fault.
• Lost income coverage may compensate you for rent you would have earned if a unit or property is not able to be inhabited due to a covered incident.

How Much Does Coverage Cost?

A multitude of criteria may influence your landlord insurance rates. Typically, carriers may consider the following:

• Location
• Type of property
• Square-footage
• Structural details (e.g., age, building materials used and number of floors)
• Number of tenants
• Claims history
• Policy details (e.g., deductible, limits and endorsements)

We’re Here to Help

Contact Elliott-Hartman today to learn more about coverage options for rental properties or to get a free landlord insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.