Everything you need to know about Landlord Insurance.​

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Most landlord insurance policies include:

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• Property protection: Covers damage to property structures such as rental property, garage, fences, etc.
• Liability protection: Covers medical bills or legal expenses if someone is injured on your rental property

Most landlord insurance policies DO NOT include:

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• Tenant belongings
• Maintenance and Repairs

To learn more, see our blog post What to Expect in a Landlord Insurance Policy

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DP-1 Most Basic Policy:

• Only covers Actual Cash Value of the property (Replacement cost minus depreciation)
• Only covers specific perlis names in the policy

DP-2 Broader Policy:

• Covers Replacement Cost of the property
• Only covers specific perils named in the policy, and has more listed than a DP-1 policy
• Sometimes includes Loss of Rent Coverage (your rental income if you can't rent out a property due to a fire, flood, or damage by a tenant)

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DP-3 Highest Level of Coverage:

• Covers ALL perils except for a small list of exclusions listed in the policy
• Includes Loss of Rent Coverage (your rental income if you can't rent out a property due to a fire, flood, or damage by a tenant)

To learn more, see our blog post Why DP-3 Policies Offer the Best Coverage

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Umbrella policies offer landlords:

• Additional financial protection beyond your standard dwelling policy. The simplest umbrella policies start and extra $1 million in liability coverage, which can be extremely helpful in an expensive lawsuit.

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• Additional claims coverage beyond a standard policy including:
  •  Libel- written false statement damaging to a person's reputation- watch out for social media!
    
  • Slander- spoken false statement damaging to a person's reputation
  • Mental Anguish- a high degree of emotional pain, distress, or suffering that is a direct result of traumatic events

• Liability coverage for personal circumstances outside of rental properties, such as a landlord's dog biting someone at the park.

To learn more, see our blog post ​Understanding Umbrella Policies​

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Landlord insurance does NOT cover tenants' belongings. IT is crucial that your tenants have Renters Insurance for their protection and your peace of mind.

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Renters Insurance covers:

• The tenant's personal property, in cases of robbery, fire, storm, etc.
• Liability coverage for cases such as a baseball through a neighbor's window or an accidental overflowing bathtub
• Loss of use coverage for the tenant in cases where the dwelling is no longer habitable

To learn more, see our blog post Why Renters Insurance Matters to Landlords

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Watch out for these common landlord pitfalls:

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• Water damage often has the most exclusions
• Vacant properties are usually NOT covered
• If you act as your own contractor for the property, your liability coverage will not apply

To learn more, see our blog post 3 Common Landlord Insurance Pitfalls

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• Landlord Insurance: Costs, Providers, & What to Avoid by FitSmallBusiness

• The Ultimate Guide to Renters Insurance by Landlordology

• A Quick Guide to Landlord Insurance by Investopedia

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