Landlord / Dwelling Fire Insurance
Insurance policies specifically for Landlords and Rental property owners
If you own a residential rental property, make sure you have the correct coverage in place, whether it is for one property or multiple properties. Homeowners insurance policies cover the owner living in the home and there are certain coverages that protect cover you as the Homeowner. If you are renting your home on a long-term basis there is a different policy and that is called a Landlord or a Dwelling Fire policy. If you plan on renting your home on a short-term basis, such as a Airbnb or VRBO then neither one of these policies will cover that situation. Let your agent know your situation so they can best help you an d cover you the correct way.
What does Landlord Protection insurance include?
Whether you manage the property or a management company you need the correct policy in place or you may not be covered in the event of a claim. Each insurance carrier has different coverage and exclusions in their policy forms. In other words, not all insurance policies are created equal and as a property owner you should read through your policy thoroughly. It is also important to understand that insurance policies do not cover all things. You will have exclusions on your policy that you may not be aware of. Theft coverage is one of those coverage that if not specifically requested on your policy will be excluded.
- Dwelling/rental property
- Additional buildings on premise such as sheds or garages
- Liability claims
Additional Coverage Options
There are additional coverage options that may be added to Landlord Protection insurance policy.
Landlords or rental property owners may also face legal ramifications for events that take place on the property they own. Having additional coverage for Legal Defense may help pay for legal fees from lawsuits.
Fair Rental Value:
If your dwelling is deemed uninhabitable or a total loss, you may not only need repair or rebuild your property, you may lose rental income. Having Fair Rental Value coverage means that you may get reimbursed for your lost income during a covered event.
Extended Dwelling Coverage:
If your rental property is a complete loss, a standard Landlord Protection insurance policy may not cover the entire cost to rebuild or repair the property. Extended Dwelling coverage may pay out an additional 25 to 50 percent of the standard coverage amount, depending on the policy.