Landlord Insurance | Rental Home Insurance
Get Landlord Insurance from just $30/month
- Dwelling Coverage to repair or rebuild your property
- Property Owners’ Liability Coverage
- Loss of Rents Coverage in the event of a covered loss
- Residential Form 1 – 4 units
- Instant Coverage with Flexible Payment Options
- 24/7 Claims Reporting
- Customer Portal with Superior Customer Service
What is Landlord Insurance?
Also known as Fire Insurance, Hazard Insurance or Rental Home Insurance, Landlord Insurance is a package property policy covering your rental dwelling 1 – 4 unit investment, detached structures, loss of rents, landlord’s liability & a variety of optional extras which can be added on.
Do you need Landlord Insurance?
If you own a tenant occupied residential property, you will need Landlord Insurance instead of Homeowners Insurance. Insurance policy coverage is provided according to definitions within policy contracts; all Homeowners Insurance policies have an ‘Occupancy Clause’ which states that the home is the primary residence of the titled and insured owner; there is a short period of time allowed to report changes of occupancy to the carrier. If a claim occurs and the occupancy has changed, there would certainly be an issue with coverage on the policy.
In summary, tenant occupied properties should be insured by Landlord Insurance (also known as Dwelling Fire Insurance or referred as a form of Hazard Insurance by mortgage companies).
How much does Landlord Insurance cost?
The cost of an insurance policy varies greatly based on many factors: geographic location, type of dwelling, type of roof, prior claims experience & amount of coverage. Although these are the obvious basic items, there are a few more questions asked in the process of obtaining a quote and each of those questions pertains to ‘risk’. Where there’s more risk, the carrier will need more premium; insurance is simply a transfer of risk from the owner of the property to an insurance company, the insurance company accepts the risk and the property owner offers to pay the necessary premium which has been calculated by insurance actuaries to maintain the financial stability of the insurance carrier taking the risk.
In some extraordinary situations, it may be necessary to reach out to one of our licensed representatives for advice regarding occupancy and coverage options. Our staff are always delighted to help!