Landlord Insurance in Wisconsin

Wisconsin is a state with a mix of both urban and rural communities. With a population of nearly 6 million, renters make up a significant portion of Wisconsin residents. Renters occupy just over 30% of homes in Wisconsin.

That means that there are many rental properties and landlords in the state, as well. If you’re a landlord in Wisconsin, you need landlord insurance to protect your investment in your rental property. Landlord insurance covers property damage and lawsuits, keeping you from financial ruin.

A local independent insurance agent can help you get landlord insurance quotes from multiple insurance companies in Wisconsin, so you can find the policy that best meets your needs and budget.

What Is Landlord Insurance?

Landlord insurance is similar to homeowners insurance in that it protects your property in the event of a fire, storm damage, or other covered perils. The difference is that landlord insurance is written to specifically protect landlords in their unique situation, such as protecting the building but not the personal property of the tenants, as well as covering loss of rental income and the increased liability risks that landlords face.

How Much Does Landlord Insurance Cost in Wisconsin?

Landlord insurance generally costs about 25 percent more than a standard homeowners policy. This is because rental properties inherently come with more significant risks than private dwellings.

The cost of landlord insurance in Wisconsin can vary considerably based on your unique property and set of risk factors. A single rental homeowner in a rural area won’t pay the same for landlord insurance as the owner of a multi-family apartment complex in Milwaukee or Madison.

Aside from where your rental property is located and the size of the building, insurance companies evaluate other risk factors, like the age and construction of your building, to determine what to charge you for landlord insurance in Wisconsin.

You may be able to save on your landlord insurance premiums if your buildings have fire sprinklers, burglar alarms, gated access, or other security systems installed in the complex and the rental units.

What Does Landlord Insurance Cover in Wisconsin?

Landlord insurance in Wisconsin provides property insurance for the building itself and any other structures such as a garage or shed for any physical damage caused by fire, lightning, wind, hail, ice, snow, or other covered perils. It also offers coverage for any personal property you may have on the property (e.g., maintenance equipment, appliances, etc.), but it will not cover your tenants’ possessions.

A landlord insurance policy in Wisconsin also includes landlord liability coverage. It protects you if someone is injured on your property or if you are responsible for damaging someone else’s property (e.g., a tenant’s or a visitor’s property). Landlord liability insurance covers the costs of any medical treatment or property repairs required. If you're sued, it also covers legal costs (e.g., attorney fees, court costs, and financial settlements or judgments).

Loss of rental income is also an essential component of landlord insurance in Wisconsin. If your rental property is damaged by a fire, a storm, or some other covered peril, you may be able to receive coverage for your lost rental income if your tenants have to move out for you to make repairs to your building.

Other types of optional coverage may be available, as well.

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Can a Landlord Require Renters Insurance in Wisconsin?

Wisconsin state law does not require your tenants to purchase renters insurance, nor does it require you to purchase landlord insurance.

Many landlords, however, require tenants to purchase renters insurance in order to avoid disputes arising from damage to the renter’s belongings, as well as any disputes over liability claims or lawsuits.

If you want to require your tenants to have renters insurance, it must be spelled out as part of the lease agreement, with specific tenant responsibilities and the consequences of not providing proof of insurance made clear.

Does Landlord Insurance Cover Tenant Damage in Wisconsin?

Landlord insurance does not cover your tenants’ personal property. What’s more, damage to your building that is caused by tenants is not always covered by your landlord insurance in Wisconsin.

Typically, landlord insurance in Wisconsin will cover sudden and accidental damage caused by a tenant. If, for example, the tenant accidentally causes a kitchen fire, any damage to walls, countertops, cabinets, and other covered parts of the building, it should be covered by your landlord insurance. Damage to your tenants’ furniture, cookware, and so on, will be covered by their renters insurance if they have it.

If something like an appliance were damaged in the fire, it would likely be covered under the landlord insurance policy. If an appliance breaks due to normal wear and tear, coverage would not be available under a typical landlord insurance policy in Wisconsin.

Keep in mind the intentional damage by a tenant will not be covered by landlord insurance in Wisconsin. Standard landlord insurance policies can’t protect you if your tenant punches in a wall, kicks in a door, or otherwise intentionally damages some part of a unit. You may, however, be able to purchase additional vandalism coverage that covers some kinds of intentional damage to your building.

What Are the Best Landlord Insurance Companies in Wisconsin?

Local independent insurance agents make comparison shopping for landlord insurance easy. They can obtain quotes from the best landlord insurance companies in Wisconsin, and ensure that you’re getting your policy at a competitive price.

Why Shop Landlord Insurance With a Wisconsin Independent Insurance Agent?

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice. 

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.