Landlord Insurance in Washington, DC
Experts break down landlord insurance costs, coverage, companies and more in Washington, DC.
56% of households are renter-occupied in Washington, DC, making the rental market a good investment choice for landlords. As a landlord, you want to protect your real estate by having a landlord insurance policy in place.
Whether you own a single-family home or multiple rentals, a local independent insurance agent can help you secure the proper coverage. Agents are located throughout the district and can assist you with cost, coverages, and working with the best landlord insurance companies in Washington, DC.
What Is Landlord Insurance?
You can never predict what may go wrong when renting out your property, so landlord insurance helps protect you from a variety of potential risks that could cause damage to the structure of your rental property and any personal belongings you leave inside the property for the tenant's use.
Many components are similar to homeowners insurance, but landlord insurance differs slightly because it's tailored to specific risks that only landlords are exposed to. One example is potential tenant damage. Homeowners insurance is reserved for individuals occupying their home, so you need to add a landlord policy once you decide to rent it out.
What Does Landlord Insurance Cover in Washington, DC?
Landlord insurance is one or more policies that protect you from liabilities you face as a landlord. There are basic coverages and optional add-ons you can choose from. A typical landlord insurance policy in Washington, DC may contain the following coverage:
- Property damage: Protects you from events such as vandalism, fire, wind, rain, flying debris, and burglary. Within its covered perils is accidental tenant damage.
- Landlord liability insurance: Protects you against liability claims and lawsuits. This could include everything from a slip and fall on your property to leaving a dead tree on your property that breaks and falls onto a renter's vehicle.
- Loss of income coverage: Protects you if you have to temporarily remove your tenants from the home due to a covered event such as a fire. In this case, you'd stop receiving rent payments from the tenants, which impacts your income.
- Flood insurance: Protects you from damage caused by natural waters, such as severe storms. It will not cover earthquake or mudslide damage.
- Umbrella liability: This is additional liability coverage that steps in when you've exhausted your underlying liability limits. Umbrella policies are typically valuable for landlords who own multiple unit rentals such as apartment complexes.
There are many additional insurance options available, such as rent guarantee insurance, natural disaster insurance, employer liability insurance, and landlord contents insurance if you have personal property such as carpeting or furniture inside the rental. Your agent will work with you to ensure that you have all the coverage you need to be fully protected.
How Much Does Landlord Insurance Cost in Washington, DC?
Various factors impact landlord insurance premiums, so it's difficult to put an average cost on coverage. Typically, landlord insurance will cost 15%-20% more than homeowners insurance, which in Washington, DC is $1,235.
Of course, this number will fluctuate based on numerous things that your insurance carrier will consider when calculating your premium. This could include:
- Which policies you purchase
- Your policy limits
- The size and number of rental properties
- Property value
- Location of property and local crime rates
- If your property has amenities like a pool
- Your desired deductible
- Any safety measures that are or are not installed
- Whether everything within the building is up to code
- If pets are allowed
Fortunately, there are ways to save on your landlord insurance premiums that your independent insurance agent can assist you with.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Can a Landlord Require Renters Insurance in Washington, DC?
Not only can a landlord require renters insurance in Washington, DC but it is recommended. While a landlord insurance policy is comprehensive, it does not protect the renter's personal belongings that they bring into the home.
Requiring your tenants to have renters insurance protects their property and also you from any potential lawsuits should an unexpected event occur. It's recommended that landlords require tenants to have $100,000 in personal liability coverage, $30,000 in personal property coverage, and $1,000 in medical bills coverage. Of course these numbers will vary depending on the value of the renter's property.
Does Landlord Insurance Cover Tenant Damage in Washington, DC?
Property damage coverage is a main provision in landlord coverage. Tenant damage is covered under perils, but only if it's accidental, not intentional.
Your independent insurance agent can provide you with details on what the insurance company will consider accidental damage. It's important to know what is covered and is not covered, so you can have protection in all scenarios.
What Are the Best Landlord Insurance Companies in Washington, DC?
The easiest way to save money on your landlord insurance premium is by shopping for multiple insurance quotes. Each company will vary slightly in how they handle claims and put together their policies, so the key to finding the best landlord insurance companies in Washington, DC is to shop around.
As a consumer, it can be difficult to know who the top-rated companies are. Your agent can help you choose a company that is well known for reliable coverage with great customer service and affordable prices.
Why Shop Landlord Insurance with a Washington, DC Independent Insurance Agent?
Landlords need protection for their property and personal belongings from unexpected events. A local independent insurance agent in Washington, DC has worked with a variety of landlords and knows where to find coverage that protects you against potential risks.
Before you begin shopping policies, speak with an agent, free of charge, and let them do the hard work for you. Agents will answer your questions and help guide you to select a policy that fits your needs.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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