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Landlord Insurance for Rental Home Owners

If you own rental home property, you understand occupancy is key to making money. However, each tenant can pose unique risks that go beyond a typical homeowners insurance policy.

Many residential landlords may assume certain incidents that happen on their rental properties are covered by their homeowners policy — but this is not usually the case. Most homeowners policies will not provide coverage if the named insured is not occupying the property, and the renter’s insurance your tenant may have secured won’t cover your liability as the property owner.

Rental property insurance is designed specifically to protect landlords and their interests on leased premises, including injury or even loss of life.

Landlord insurance can also include coverage that would replace lost rental income if a covered incident occurred, including:

  • Vandalism
  • Sewer and drain backup
  • Theft
  • Tenant relocation and living expenses for alternate housing during repairs

Eligible Properties

  • Well-maintained family dwellings of up to four units
  • Row homes
  • Condos or co-op units
  • Manufactured/mobile homes attached to permanent foundations
  • Detached structures like garages and sheds being rented as residential dwellings

Product Highlights

  • Insured by a “A” rated carrier
  • Available for most residential dwellings that are tenant occupied; rental is not available for commercial properties and for residential, must be 100% tenant occupied
  • Standard 12-month policy term, with short-term policies available in many states
  • Property coverage up to $5M; premises liability up to $1 million each occurrence/aggregate
  • Minimum property value is $20,000 for condominiums and $50,000 for all other residential dwellings
  • Premium payment installment options

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