What does landlord insurance cover?
Landlord insurance protects the home or structure you rent and provides liability coverage. Liability coverage pays for lawsuits against you or things that are your fault. For example, liability protects you if your tenant sues you because they had a slip and fall accident on the stairs because the handrail was broken. Like homeowners insurance, landlord insurance will protect your property against fire, lightning, wind, hail, etc. It will also cover you when dealing with tenants.
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Landlord Insurance FAQs
Do I need landlord insurance?
Landlord insurance is not required by law, but most lenders will require it if you're financing the property or have a mortgage on it. Remember, your homeowners insurance policy likely will not cover the home you’re renting out. That means any damage to the home, the belongings inside you own, or lawsuits against you will not be covered unless you get landlord insurance.
Does landlord insurance cover loss of rental income?
Most insurers will protect the landlord against loss of rent in the event of a covered loss. For example: A tree crashes through the roof, your tenants can’t stay there, and don’t pay rent. But, you won’t have coverage if your tenant can’t pay the rent because of a job loss or financial problem.
Does landlord insurance cover tenant damage?
Typically, yes. To avoid these types of situations, landlords generally require a security deposit to pay for damages by a tenant.
Does landlord insurance cover the cost of evicting a tenant?
Insurers usually don’t cover eviction costs. But, eviction insurance can be purchased separately from other companies.
Does landlord insurance cover the tenant’s stuff?
No. It’s a common misconception that a tenant’s personal belongings will be covered by the landlord’s insurance. The tenant needs a renters insurance policy to protect whatever stuff they bring with them. That’s why some landlords mandate or strongly encourage their tenants to get renters insurance. The last thing you want is your tenant mad at you because they didn’t know their stuff wasn’t protected under your policy.
See more on the cost of renters insurance.
Your tenants need renters insurance to protect the stuff they bring with them.
Please note: The above is meant as general information to help you understand the different aspects of insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.