Rental Property Insurance
Insurance is crucial for protecting your investment if you’re a property owner who rents out personal or commercial spaces. Unlike standard homeowners insurance, which may not fully cover rental properties, rental property insurance is tailored specifically for landlords. It is essential for anyone engaged in property leasing for proper risk mitigation.
What Is Insurance for Rental Properties?
Rental property insurance, also known as landlord insurance, is designed for property owners who lease their properties to tenants. It can help cover various risks and liabilities landlords may face when renting residential or commercial properties.
The following are common coverages typically included in a landlord insurance policy:
- Dwelling coverage may help financially protect against damage to the building itself. Whether it’s structural harm due to a storm or an accidental fire, this coverage can ensure that your investment remains intact.
- Liability coverage may help cover legal expenses and medical costs if you’re held responsible for incidents involving a third party on your property.
- Loss of rental income may help cover lost income if you cannot collect rent due to a covered event, such as a fire or burst pipe.
- Contents insurance can help financially protect furniture or appliances on the property for tenant use. Coverage may also apply to personal property stored on location for property maintenance, such as a lawnmower or snowblower.
How Much Is Insurance for Rental Properties?
The following factors can influence the cost of rental property insurance:
- Rebuild or replacement cost
- Location of your property
- Type of property
- Amount of coverage
- Deductible
- Credit history
- Claims history
- Building age and condition
- Property size and number of units
Contact Farrell Insurance Agency to discuss insurance for your rental property. We can tailor a policy to your specific needs and provide a quote for coverage.