Landlord Insurance

Finding the Best Landlord Insurance

(Like a boss… of a rental property)

June 20, 2018
Colorful row townhouses

Operating a rental property may sound like a great way to make a buck or two, but  a lot more goes into it than just cashing rent checks and unclogging toilets. The last thing a landlord needs to think about is the unthinkable. 

Which is why the first thing you should think about is landlord insurance. Our independent insurance agents handle all the behind-the-scenes dirty work, digging up the best prices and coverages for you to keep your property protected.

What Is Landlord Insurance?

It’s pretty similar to homeowners insurance. The difference? You don’t sleep there. Or maybe you do, we don’t judge. But, basically, it’s designed to repair, replace or recover the value of what you choose to have under coverage if it’s damaged due to a number of causes.

Is Landlord Insurance Mandatory?

Nope. Well, not really. If you have a mortgage on your rental property, it’s likely the lender will require you to have insurance protection before you lease to tenants, but otherwise it’s all up to you. Do we recommend it? Always. 

Why Should I Buy Landlord Insurance?

There’s a lot to gain from owning a rental property, but it’s far from a delicious cakewalk. Even when everything is running like an energy-efficient fridge, the unexpected could strike and put a serious dent in your wallet and/or your property. 

What Does Landlord Insurance Cover?

A landlord insurance policy will not only help to protect you and your tenants financially, it will also help keep that sweet revenue stream flowing, because a tiny blockage or expense could send you into foreclosure.

A landlord insurance policy can include the following and more:

  • Property damage: Protects goodies like the actual building, swimming pool and maintenance equipment if it’s damaged due to fire, severe weather, or burglary, among others.
  • Liability coverage: This will help save your rump (financially) if someone slips and falls on theirs, as well as a number of other accident scenarios.
  •  Loss of income: This will help reimburse you/your revenue stream should your rental property be declared unlivable for your tenants.
  • Legal fee coverage:  Which will help cover those very not-cheap lawyer fees if a legal claim is filed against you.
  • Umbrella liability coverage: This will extend your liability protection to cover injury, damage and legal fees.
  • Workers’ compensation: Helps to pay fees, bills and expenses if a maintenance employee is injured on your property.
  • Natural disasters: Rental property wreckers like floods and earthquakes are usually not covered by basic plans, meaning you’ll need added coverage or a separate policy
landlord insurance graphic

How Much Does Landlord Insurance Cost?

Depends. How many properties are you insuring? What’s the property value? How much liability insurance do you want to tack on? These, and other factors, will determine the price, but expect to pay 15%-20% more for landlord insurance than you do for homeowners. 

Where Are the Landlord Insurance Discounts Hiding?

To start, combining policies for all your properties and vehicles, and raising your deductibles, are two easy ways to drive down costs. You can also get lower rates and discounts for increasing safety measures and upgrading your property. More on discounts >

Comparing Landlord Insurance Quotes

Our gifted agents will review your rental property needs and help you evaluate the landlord coverage options that make the most sense. They’ll also compare policies and quotes from multiple insurance companies to make sure you have the right protection in place. So you’ll have that going for you.

What's So Great About an Independent Insurance Agent?

It’s simple. Independent insurance agents simplify the process by shopping and comparing landlord insurance quotes for you. Not only that, they’ll cut the jargon and clarify the fine print so you know exactly what you’re getting.

Plus, our agents work for YOU and not one insurance provider. Actually, they’re the only agents who can check policies from multiple carriers to find the right coverage at the best price.

Most importantly, they’ll be there to help you when claim time comes. The outcome of landlord insurance claims can be strongly impacted by how the process is approached and handled.

The Lowdown on Landlord Insurance Quotes Online

We know what you’re really looking for — fast and easy insurance quotes in 30 seconds or less. We get it, you want the goods ASAP, but choosing speed over accuracy could send you into foreclosure.

Robots and algorithms may be quick, but online companies might leave out cost-cutting options or leave in factors that assume higher risk, resulting in a pricier policy.

Not only that, our competitors may sell your info to multiple companies, which can result in calls, on calls, on calls. We flipped the script on this process and give YOU the info and options to connect with an independent insurance agent.

Thirsty for more landlord insurance Info?

We have a very, very large amount of info and insights on landlord insurance. If you’re ready to learn more, here is the gateway/page that will guide you to the information you seek. Article | Reviewed by Paul Martin

Now, who's ready to get their insurance problems solved?