Landlord insurance provides coverage that’s similar to homeowners insurance, such as dwelling coverage to protect your property in the event of a fire. However, landlord policies are written specifically to protect against risks landlords can face, such as injury liability or loss of rental income when the property is rented out to someone else . SEE the coverages below:
Property Damage - Much like dwelling coverage under a homeowners insurance policy, landlord insurance covers damage to the structure of your home due to covered perils such as fire, wind, hail, or snow. Additionally, the policies cover personal property, such as kitchen appliances, furniture, or televisions that are onsite for tenant use.TENANT’S PROPERTY IS NOT COVERED.
Liability - Your landlord policy's liability or medical coverage clause protects you legally if someone is injured on your property. For example, if a tenant falls and breaks a bone on your property, they may sue you. In this case, your insurance company would try to reach a settlement on your behalf and pay the associated costs, less any relevant deductibles. However, if a tenant's guest is injured on your property, it would likely be the tenant’s renters insurance policy that would cover liability for any lawsuits.
Loss of Rents/Loss of Use - If your property is damaged in a covered event and you're unable to rent out the home, your landlord insurance policy may cover your lost rental income.
NOTE: if your rental property is part of a CONDOMINIUM COMMUNITY, there may be certain coverages not listed here that should be discussed as they provide more protection.