More than 66% of housing units in Kansas are owner-occupied, and renting out your property can be a source of extra income. Whether you are looking to rent your home or you're the owner of a multi-unit apartment complex, landlord insurance can help protect your investment.
Before you purchase landlord insurance, speak with a local independent insurance agent to learn about your options and get your questions answered. Agents are located across the state and can help you find the best landlord insurance in Kansas.
How Much Does Landlord Insurance Cost in Kansas?
Premium costs for landlord insurance can vary tremendously based on the type and number of rentals you have. The owner of a 50-unit apartment building will have more risks than someone who is renting out their 1,500 square foot home.
For this reason, it's nearly impossible to put an average price on landlord insurance costs in Kansas. However, for homeowners who are renting out their homes, landlord coverage typically costs 15%-20% more than homeowners insurance. For Kansas residents, $1,584 is the annual premium for homeowners insurance, so landlords can expect to pay slightly more than that.
Insurance carriers will consider several additional factors when calculating a quote. Factors such as the size of the rental, location, local crime rates, safety measures, deductible, building condition, and previous claim history will all play a role in determining rates.
Is Landlord Insurance Required in Kansas?
Landlord insurance is not required, but without it, you are opening yourself up to lose more than just your rental property. Should a tenant get injured and be able to prove it was your fault, they could sue you for your personal assets. Even more, if a storm came through and caused significant damage, you'd have to rebuild out of pocket.
Most importantly, homeowners insurance does not extend to rental properties unless it is a one-time, short-term rental. If you want to be compensated for any loss, damage, or liability expenses associated with your rental property, you will need a landlord insurance policy.
What Does Landlord Insurance Cover in Kansas?
As the property owner, you are responsible for covering damage to the structure of the home, any of your own personal property that is kept inside, and any liability expenses that may arise. Landlord insurance provides this coverage and more through several policies.
- Property damage insurance: Covers damage to the structure of the building from fire, hail, severe storm, vandalism, theft, and other risks. It will also cover your personal property that's inside the rental, such as appliances.
- Liability insurance: Protects you if a tenant or visitor is injured in the rental and proves that it was your fault. An example would be a slip and fall by the swimming pool that could have been prevented with proper maintenance. Liability coverage helps pay for medical bills and any associated legal fees if you're sued.
- Loss of income coverage: Should a severe storm rip apart your roof, all of your tenants would need to temporarily move out. This coverage helps pay for lost income from the rent that you'd typically be receiving from your tenants living on your property.
- Workers' compensation: If you're a real estate mogul, then you likely employ staff to help manage your rentals. Workers' compensation steps in if someone is injured or falls ill while on the job.
- Rent guarantee insurance: If a tenant stops paying their rent or is unable to pay their rent, this coverage will step in to cover the rent you aren't receiving for a specific amount of time.
- Umbrella liability insurance: This coverage is valuable for property owners who need protection above and beyond their general liability limits. If you are providing housing for a large group of tenants, umbrella liability could be valuable to have.
You can customize your landlord insurance package to include any coverage that fits your needs. There are policies for everything from building code protection to machinery protection. Your insurance agent can help you determine the best coverages for your property.
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Do I Need Flood Insurance in Kansas?
Severe storms are the number one cause of home insurance claims in Kansas, so it's a smart idea to look into flood insurance in Kansas. The property damage coverage in a landlord policy will not cover any damage from natural floodwaters.
Flood insurance can be purchased from the National Flood Insurance Program. To secure this coverage you must work through an insurance agent.
What Are the Best Landlord Insurance Companies in Kansas?
To find the best quality policy at a reasonable rate, you want to compare landlord insurance quotes. Independent insurance agents have partnered with the top-rated carriers across the state and know which are the best landlord insurance companies in Kansas.
How Can an Independent Insurance Agent Help Me Find the Best Landlord Insurance in Kansas?
Speaking to a local independent insurance agent is completely free and is the first step in finding the proper landlord insurance. Agents do not work for a specific company, they're simply shopping for a policy that best fits your needs.
These agents have worked with several highly rated insurance companies and can easily provide you with a variety of policies and rates to choose from. Should you have to file a claim after you've secured your coverage, your agent can help you navigate that process as well. Work with a local independent insurance agent in Kansas today.