Indianapolis

Find Top-Rate Indianapolis, IN Landlord Insurance

Find the right landlord insurance policy for you.

Indianapolis is home to many colleges and universities. College towns tend to be filled with several rental properties occupied by students, visiting professors and others with transient, education-related positions. This is a great city in which to be a landlord, with so much demand for rental units. As a landlord, be sure to protect your investment with a first-rate Indianapolis, IN landlord insurance policy.

When shopping for a suitable landlord insurance policy, an independent agent in the Trusted Choice® network can assist you. Member agents can help you make an informed decision by explaining your many options and answering your insurance-related questions. They can also use their relationships with several different insurance carriers to provide you with a variety of competitively-priced policies from which to choose. Contact a member agent in your ZIP code today to start comparing Indianapolis landlord insurance quotes.

  • Nationwide, approximately 34% of all housing is renter-occupied
  • About 29% of Indiana’s residents live in rental properties
  • In Indianapolis, 41.89% of housing units are renter-occupied

Investing in rental properties can be very lucrative. You will want to make sure that your property is fully insured so that your investment does not become a liability. Landlords cannot rely on traditional homeowners insurance policies, as they will typically not cover damages done to a home that has tenants living in it. You will need a more specific Indianapolis landlord insurance policy to cover any losses, damage or liability expenses.

What Is Landlord Insurance?

Landlord insurance is a type of homeowners policy designed to meet the unique coverage needs of property owners who rent to tenants. You can expect an Indianapolis landlord insurance policy to be a bit more expensive than traditional homeowners insurance. This is because there are more risks inherent with having tenants.

As a general rule, tenants will not care for your property as you would. They may not notify you of problems in the home, such as water leaks or termites, until the damage is extensive. You also have the responsibility of covering injuries that occur on the property if it can be shown that they were caused by negligence in maintenance or upkeep. Landlord insurance will provide this necessary coverage.

Protect Yourself from Property Loss and Damage

When you have tenants living in your property, normal wear-and-tear is to be expected. However, tenants can sometimes cause extensive damage. These are usually accidental, such as those caused by cooking fires or water damage from a leaking shower, but sometimes they are malicious, such as damage caused by an angry tenant being evicted. You also face the risk of property damage caused by weather events or disasters.

Additionally, property crimes like burglary may result in property loss or damage. You are not responsible for providing coverage for your tenant’s personal belongings; they would need to be covered with a renter’s insurance policy. However, a burglary has the potential to cause damage to your property, such as a kicked-in door or a broken window. If your property is damaged, or any of your own personal property kept in the home is damaged or taken during a robbery, your Indianapolis landlord insurance will cover your losses.

Indianapolis Property Crime Statistics

  • A total of 15,196 burglaries occurred in this city in 2011
  • Approximately 18 of every 1,000 Indianapolis residents was a victim of burglary that year
  • This is more than double the national rate of 7 out of 1,000
  • An estimated 1 in 17 Indianapolis residents will become a victim of property crime at some point
  • Nationally, 1 in 29 people become victims of property crimes at some point

A quality Indianapolis landlord insurance policy will provide coverage for the structure of your rental property and surrounding structures like sheds and garages. It will also provide coverage for any of your own personal property that you keep in the home, including furniture, appliances, carpets, and light fixtures.

Protect Yourself from Liability

Your Indianapolis landlord insurance will also protect you from liability if your tenant or one of your tenant’s guests is injured on your property due to negligence on your part. Landlords aren’t always notified by tenants about problems in the rental unit, but can still be held liable if that problem results in an injury.

Some problems that might lead to liability charges include carbon monoxide poisoning if a gas furnace or hot-water heater malfunctions, black mold if there is a water leak or a fire if it is caused by faulty wiring in the house. A landlord insurance policy will cover your liability expenses as well as any court costs and legal fees you may accrue as the result of a covered incident.

Find Your Ideal Indianapolis Landlord Insurance Policy

Comparing landlord insurance quotes, whether you do it by telephone or online, can be time consuming and frustrating. You will be required to submit a lot of personal information to each insurance company in order for them to provide an accurate quote. Working with an independent agent in the Trusted Choice network can save you time and aggravation. You need only provide your details once, and then your agent will do the comparison shopping for you.

Your neighborhood Trusted Choice member agent can go beyond simply helping you find an ideal landlord insurance policy. Network agents can advocate for you during the claims process if necessary and may even be able to find ways to save you money on your other insurance policies. Find a local member agent today to receive a variety of competitively-priced Indianapolis landlord insurance quotes.

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