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Frequently Asked Questions

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Illustration of a Landlord Insurance FAQ

Landlord Insurance FAQ

What is landlord insurance?

Landlord insurance coverage helps keep property owners protected from financial loss as a result from damages to a rental property due to fire, break-ins, vandalism, certain weather conditions, and other covered events.

What does landlord insurance cover?

Landlord insurance provides property damage coverage if your building and personal property is damaged due to hazardous weather, fire, vandalism, or theft. It also provides liability coverage if a tenant, visitor, or trespasser is injured or killed on your rental property. It can also cover damage done to a renter’s personal property if you are found responsible for the damage. Landlord insurance can also cover loss of income in the event that your rental property becomes uninhabitable due to a covered event. There are also other optional coverage and addendum that vary from policy to policy.

Do I have to have landlord insurance?

While landlord insurance isn’t required by law, it is highly recommended if you are renting a property to others and aren’t sharing the residence with a tenant. If not, you will be responsible for any losses or damage done to your property along with being held liable for bodily injuries that happen to people on your property.

How much is landlord insurance?

Landlord insurance cost is based on a number of different variables such as the geographic location of your property, its size, the age of the building, and several other factors. Rates can vary from $500 per year to thousands of dollars annually. Your best bet is to get a free landlord insurance quote online to get an accurate idea on how much it will cost you.

Should I require renters insurance from my tenants?

There aren’t any federal or state laws that require tenants to have renters insurance, it is within your legal right to require it as part of a rental agreement as long as it is required for every tenant on the property. Renters insurance also helps your tenant recover losses and damage that happens within their unit without getting your landlord insurance involved. There are many cases where your landlord insurance policy won’t apply if it is tenant’s personal property or if they were held liable in an accident. It is generally a good idea that your tenants have a renters insurance policy and you have a landlord insurance policy in order to cover all bases. However, It is up to you whether or not you want to require your tenants to have renters insurance coverage.

Do I need landlord insurance if I rent a condo, house, etc. instead of an apartment complex?

The risk is the same whether you are renting a unit in an apartment building, a house, a condo, or any other property. If you don’t have a landlord insurance policy, you’ll be completely responsible for all damage or loss done to your property. You’ll also be held liable for bodily injury and physical harm done to persons on your property, too. Having landlord insurance provides coverage for whatever property you are renting out.

Would my homeowners insurance cover my rental property?

If you are renting a room or a floor within a house you are residing in, your homeowners policy might cover losses and damage done to that property. However, if you do not live in the residence that you are renting out, your homeowners policy will not pay for any liability claims or property damage done to that property.

Is landlord insurance tax deductible?

Yes, you should be able to write off landlord insurance as a business expense on your taxes. You should refer to a tax professional for more details.

Where can I buy landlord insurance?

Freeway Insurance can provide you a free landlord insurance quote for quality affordable coverage.