We'll Help You Find the Best Landlord Insurance in Minutes

Our nationwide network of local independent agents is ready to help find the perfect coverage at the best rate for you.

Trustedchoice.com
June 10, 2021

How this quote will help me?

Your quote is based on several common factors to give you a clear picture of the cost you can expect, though an independent agent can shop around and maybe even improve your rate!


NOTE: This quote is not final, though we did work with professional actuaries to help get you a ballpark figure to get started.

In short, landlord insurance is protection for property owners who rent out owned residential homes, apartments, or condos. This protection helps property owners recover from financial loss due to damage caused by fires, break-ins, severe weather, injuries, and more. 

Your policy can also be extended to cover your property even more. An independent agent can help you identify coverage gaps and needs to zero in on the proper protection for you.

Your landlord insurance is mostly made up of a few key coverages. The first, property damage, covers damage to your building and any property after a fire, break-in, accident, etc. Next, liability insurance, is another very important coverage that helps protect you against lawsuits and medical bills if someone is injured on your property. And third, loss of income coverage, will help protect you financially if your rental property becomes uninhabitable due to a covered loss, putting a stop to your revenue stream.

Additional optional coverages are also available and can include rent guarantee insurance, natural disaster insurance, employer liability insurance, landlord contents insurance, and more. 

Well, not exactly. Landlord insurance isn't required by law, but nearly every lender who helps you finance the property will require coverage to help protect their investment in you. 

It's also important to note that your homeowners insurance won't cover property or liability claims of rental units if you aren't living on the premises. 

Beyond that, your property is your business and should be insured as such. Building fires, tropical storms, tornadoes, vandalism, and liability claims are all common and devastating  events that you should definitely be prepared for as a landlord. 

The cost of landlord insurance can vary quite a bit based on a number of factors. You may see rates as low as $500 per year for a small rental unit, or even several thousands of dollars per year for a larger unit with a whole list of amenities. 

Here are some of the factors that will affect your premium costs.

  • Geographic location
  • Size of structure 
  • Number of rental units
  • Building age and condition
  • Safety precautions
  • Swimming pool
  • Amount of coverage

Your best bet for the landlord insurance policy you need is a local independent agent in our network. These agents can compare prices for you, explain the insurance coverage options available, and look for landlord insurance discounts you may qualify for to make your coverage affordable.

Yes, because being a landlord is a business endeavor, your insurance to protect it is considered a business expense. That means you can deduct landlord insurance premiums you pay on your rental property, including any landlord insurance policies on the building, contents, and liability. 

Your landlord insurance will protect you from most natural disasters like fires and such, but you'll want to make sure if you're in a flood zone, that you have flood insurance separately. Your standard landlord policy won't cover flood protection and without it, you'll definitely be in deep trouble. 

Not only will landlord insurance help cover repairs and replacements after a disaster, but if your property is uninhabitable, it'll help you recover loss of income to help keep your business running smoothly.

Most landlord insurance policies come with liability coverage to help protect you if a tenant is injured on your property. This coverage will help you pay for medical bills and legal costs (up to your limit) for the tenant. Without proper liability coverage, your business would be subject to some incredibly costly bills, which is something a profitable business never wants.

Kind of. Landlord insurance covers a lot of the same things as homeowners insurance, but with different limits and coverage focuses. A homeowners policy covers standard liabilities like fire, flood, personal belonging protection, theft, and more. While many of these are important for real estate investors, there are additional protections you may require.

As a landlord, you won't need to insure the personal belongings of each of the units. That's the responsibility of your renters. However, you will most likely need additional coverages like income loss coverage in case a flood, fire, or significant tenant damage leaves your property uninhabitable. 

Many landlords require their tenants to get coverage for their own personal units as protection. But if you don't require it, it's not mandatory on their part. However, it's always recommended they do, and you every landlord should encourage it. Everything inside of their unit is their responsibility, and if some unexpected disaster were to occur, they'd be on their own to cover any replacement or liability needs that arise.

With access to multiple insurance companies, independent insurance agents are unlike any other type of agent out there. They’ll help find you the best coverage options and most competitive prices, all for free. To find a local independent insurance agent, click here.

LANDLORD INSURANCE

LANDLORD INSURANCE

Find the perfect agent to shop multiple insurance companies on your behalf, saving you time and money.

When you're a landlord, you're not only a property owner, you're also a business owner—and your insurance should be designed to cover both hats you wear. That's what landlord insurance is for. 

It shouldn't matter if you’re just renting out a spare room for cash or you're the proud owner of a large portfolio of properties, landlord insurance is a must. And when it comes to finding the right blend of protection at the perfect price, an independent insurance agent is a must.

Independent insurance agents are absolute pros when it comes to landlord insurance. They'll shop options from some of the best companies, bring multiple quotes to the table, and help you compare each and every one. 

What Is Landlord Insurance?

Simply put, it's a contract between you and an insurance carrier where you pay them a premium and in return, they help you protect your real estate investment. It combines both business and homeowners insurance all in one comprehensive little package, giving landlords the coverage they need to protect their property and their tenants. 

Your coverage will include protection from unique risks landlords face, such as the following.

  • Commercial property insuranceCovers damage to your rental properties due to fire, natural disaster, theft, vandalism, and similar causes.
  • Liability insuranceCovers the cost of legal representation and any damage if you’re sued by your tenants (or anyone else).
  • Loss of income: Covers rental property income if they become uninhabitable or you stop receiving rent payments for any other covered reason. 
  • Workers' compensationIf you have employees, like maintenance workers and property managers, workers' comp covers their medical costs if they’re injured on the job. 

Many companies sell landlord insurance packages that combine all this coverage for you. Typically, landlords start with a basic cookie-cutter package while their business is small and expand into custom coverage as their empire grows. 

With an independent insurance agent in your corner, you have a trusted advisor who can help you adjust your coverage up or down as your business needs change. Easy as that.

What Does Landlord Insurance Cover?

All landlord insurance policies contain different coverages. There's a beginner's basic policy that includes the minimums, but when you work with an independent insurance agent, you'll get coverage tailored specifically to your needs. But at a bare minimum, your landlord insurance should cover the following.

What does landlord insurance cover?
  • Property damage: Covers loss after most natural and human causes (except flood protection, which is insured separately)
  • Liability: Helps cover legal representation and damage if you're sued
  • Loss of use: Helps support your business financially if your property is uninhabitable and can't receive rent

But if you continue to grow your properties, you should consider additional landlord coverage options, such as the following.

  • Umbrella liability: Additional liability coverage that extends your liability coverage limits beyond your standard landlord insurance
  • Workers' compensation: Protects both your staff and your business if an employee is injured on the job
  • Appliance coverage: Helps protect boilers and other expensive on-site equipment 
  • Inland marine coverage: Covers equipment that moves from property to property, like lawn mowers or snowplows.

Independent insurance agents are experts who can help create the right landlord insurance coverage to balance the protection you need with the price you can afford.

What about Flood Insurance?

Flood insurance is an important type of property insurance coverage that works a little differently than normal commercial property insurance. It’s federally regulated and a key piece of important coverage if your property lies within FEMA-declared flood zones. 

Flood insurance, however, isn't included with your standard policy, and if you own a rental property in a flood zone, you'll likely be required to purchase flood insurance separately to add on to your protection.

Even if you’re not in a designated flood zone, buying flood insurance is a good idea. As you can imagine, floods are extremely destructive and very expensive and if you're caught without coverage, your rental empire could crumble pretty quickly. 

How Much Does Landlord Insurance Cost?

That depends. As you can imagine, the cost of insuring a rental duplex versus an urban high rise is a big difference. Landlord insurance typically costs 15%-20% more than comparable homeowners insurance for the same property. That’s because of the extra coverage needed, like liability coverage.

If you're wondering how rates are determined, just know that the largest factors in determining your insurance cost are the building’s size, location, age, special features, and any extra risks of natural disaster or crime. 

Landlord Insurance Discounts

Insurance discounts work a little differently from the discounts you get at the grocery store. Instead of taking a flat 10% off the top, insurance discounts are typically based on the unique risks and safety features of your business.

Landlords pay more for their insurance than regular homeowners, but they may also have access to better discounts. Here are the most common types of landlord insurance discounts.


 
  
    
      
  
 
 
    
   
    
 
   
   
     
 
    
   
     
 
     
   
     
 
 

Discount TypeDescription
Safety DiscountsPreventative measures that help lower the risk for the carrier, like installing security and smoke alarms, fire extinguishers, etc.
Bundling DiscountsCarriers love having more of your business, so when you insure multiple policies with the same insurer, they reward you.
Group DiscountsCertain unions and groups, like teachers and veterans, receive discounts with a number of different insurance carriers.
Loyalty DiscountsInsurers love customers who stick around, so they’ll often reward those who’ve remained loyal with a nice little discount.

Your Independent Insurance Agent Has Your Answers

Whatever you need, your agent has your back. With a brief intro into the terms, discounts, and process of your homeowners insurance, you know the kinds of questions to be asking. Your agent will ask you all about your home, its use, and your goals to help find the perfect blend of coverage at the right cost for you.

Best Landlord Insurance Companies

Travelers
westfield insurance
Nationwide
foremost insurance group
state auto insurance companies
progressive insurance company
three-things-personal

More Choices

Our independent insurance agents work for you, not the insurance companies. That means you always get the best coverage options to choose from.

three-things-business

Better Prices

When you have options from multiple companies, it's easier to find the best coverage at the right price, at no extra cost to you.

three-things-life

Local Services

There's an independent agent in every city who always understands the insurance coverage you need most based on local laws and needs that apply to you.

What Our Customers Are Saying