Landlord Insurance in Pennsylvania

If you own a rental property, you'll want to protect your asset with a landlord insurance policy. There are multiple risks associated with renting a property to others, and a trained adviser can help. Instead of going it alone, consider working with a knowledgeable agent.

An independent insurance agent has access to dozens of top-rated carriers. They'll do the comparing for you so that you can save time. Since they have a network of markets, you'll get the best premiums. 

What Is Landlord Insurance?

If you own a rental property in Pennsylvania, you'll need landlord insurance. This policy protects your asset as well as your liability should a claim occur. Landlord insurance is different from a standard homeowners policy because it comes with additional coverages that protect against the risks of tenants living on your property. 

What Does Landlord Insurance Cover?

While similar to homeowners insurance, Pennsylvania landlord insurance also protects against additional risks that homeowners do not face. Since tenants will be dwelling on your property, there are more losses that could take place. Landlord insurance will cover the following common items:

• Property damage: If damage occurs to your rental home, this coverage will apply. It typically protects against fire, theft, vandalism, and severe weather events that could damage or destroy your property. Additional structures like detached garages or sheds are given coverage as well.
• Personal property: If you store any personal property on the premises, this coverage pays for the replacement or repair of covered items. 
• Liability: If you are sued due to a third-party injury or property damage that occurs on your rental property, then liability insurance will apply. This coverage pays for court fees, medical expenses, and property replacement should a loss occur where you are found at fault or negligent. 

Can a Landlord Require Renters Insurance?

When you are a Pennsylvania landlord it makes sense that you would want your tenants to obtain a renters insurance policy. This policy protects, not only your renters, but your interests as well when you are named an additional insured on their policy. Most landlords require that all tenants carry a renters policy in amounts required by the landlord. This will ensure that unnecessary claims don't get filed on your landlord insurance coverage.

How Much Does Landlord Insurance Cost in Pennsylvania?

Pennsylvania landlord insurance premiums will be different for every insured. This is due to varying risk factors that are individualized to each landlord. Customized quotes will be provided based on the following factors that impact your landlord insurance rates:

• Property values
• Personal property values
• Length of lease
• Standards of lease
• Prior claims reported
• Experience level
• Coverage limits selected

Does Landlord Insurance Cover Tenant Damage?

Your Pennsylvania landlord insurance will have coverage for property damage, and this often includes vandalism and theft of any property you may have on the premises. However, this does not include vandalism and theft caused by your tenant. Insurance will not provide coverage if your tenant intentionally damages or steals any part of your rental/personal property. This is known as the cost of doing business. Here are some other coverages you may want to consider in addition to your standard landlord policy:

• Loss of rent coverage: This insurance protects you if your property is unable to be lived in or rented due to a covered loss. This will cover your rental revenue at fair market value.
• Inflation protection: Some insurers will increase your coverage limits to keep up with inflation. This insurance helps lock in your rates.
• Workers' compensation: If you employ others to help with your rental property, this coverage will pay for the medical expenses and lost wages of an employee who is injured or becomes ill on the job. 
• Umbrella liability: This policy is an umbrella over your underlying policies and provides an additional limit of liability protection above and beyond your underlying coverages. 

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What Are the Best Landlord Insurance Companies?

Pennsylvania landlord insurance is a type of business coverage. When it comes to finding the best policy, you'll want to work with top-rated carriers. Here are a few that are in the area:

Best Landlord Insurance Companies in Pennsylvania	Star Rating
Nationwide
Travelers
Liberty Mutual

Shop with these insurance companies and more through a local independent insurance agent. 

Why Shop Landlord Insurance with an Independent Insurance Agent?

When you're searching for landlord insurance that doesn't break the bank, consider using a licensed adviser. Your asset should be protected properly in order to avoid uncovered claims and financial devastation. If you're taking on a risk like a rental property, landlord insurance needs to be accurate.

Fortunately, a Pennsylvania independent insurance agent can help. They'll do the shopping through their network of carriers for free. This means better coverage for an affordable price, making it a no-brainer. Connect with a knowledgeable expert in minutes.