Rental property insurance & landlord insurance quotes
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What is landlord insurance?
Matt Hands, VP, Insurance
Do you own an investment property? And do you consider yourself a landlord? If so, there's a special type of home insurance you need to purchase. It doesn't just protect your home from liability and damages; it can also protect your stream of rental income.
Rental income property insurance (also known as landlord insurance) is designed for these types of homes. Being a landlord comes with a lot of risks, and while it's supposed to make you some extra cash, that's not always the case. So be sure to protect yourself financially ahead of time with the right coverage on hand.
Common types of landlord insurance
Rental income property insurance is similar to traditional home insurance in many respects. Most policies include the following types of coverages.
Property coverage
Landlord belongings
Liability coverage
Loss of rental income
Popular landlord insurance add-ons
For a more complete policy, you can also extend your coverage with add-ons. That way, your rental income property insurance can be more catered towards your needs.
Flood insurance
Earthquake insurance
Extended contents insurance
Airbnb coverage
Non-payment of rent
How much does landlord insurance cost?
The cost of landlord insurance can differ greatly, depending on the type of property you're invested in. For example, insuring a house may cost you $900 per year while a condo can cost you $400. Rates will also change for owner-occupied and commercial properties.
compare quotesWhat doesn't landlord insurance cover?
Much like a conventional home insurance policy, there are a number of situations in which you won't be able to make a claim. These can include the following:
- General wear and tear
- Tenant belongings (they'll need renters insurance)
- Damaged caused by insects, termites, and rodents
- Intentional tenant damage and tenant theft
- Buildings under construction (you'll need builder's risk insurance)
- Earthquakes and landslides (unless you have added coverage)
How to get cheap rental property insurance
While insurance companies are the ones that quote you, you can still take matters into your own hands to lower your landlord insurance rate – here, we cover eight different tips for cheap coverage.
Bundle insurance policies
Grouping your primary home's policy (or even your auto policy) with your landlord insurance under one provider often comes with great savings.
Increase your deductible
If you can afford paying a larger chunk of money out-of-pocket, increasing your deductible is one way to ensure you'll be paying a lower bill each month.
Double-check your coverage
Do you really need earthquake coverage if you're in a low-risk area? Look at your situation and consider what risks you're willing (or not willing) to take.
Maintain your property
Updating your rental home (e.g. roofing, plumbing, HVAC) can help lower your policy's rate. Insurers like to see low-risk properties.
Avoid minor claims
Having a messy claims history can raise your landlord insurance rate substantially. It's often a good idea to pay small expenses out-of-pocket, saving you in the long run.
Compare your options
Settling with the first insurer you come across probably won't get your the best rate – instead, take some time to research and shop the market with us today.