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Why Landlord Insurance?

Home and Landlord Insurance Are Not the Same

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Frequently Asked Questions

What is landlord insurance?

Landlord insurance, also called rental property insurance, covers risks associated with renting your home, apartment, or condominium to tenants for long periods of time. Coverage typically includes loss of rental income for landlords along with property damage and liability costs. A landlord insurance policy is often recommended for homeowners who rent a property for any amount of time.

You may see landlord insurance also referred to as a DP3 (Dwelling Fire Policy).

Why do I need landlord insurance?

Landlord insurance protects you and your property from damage, such as a fire or hail, similar to the homeowners insurance policy you’re familiar with. If you are renting a property and you have regular homeowners insurance, most likely damages will not be covered.

However, landlord insurance is even more important because you’re not living in the home anymore. Your homeowner’s policy may not protect you from damages that occur at your property while it’s being rented out. And your homeowner’s insurance will not cover your loss of rent in the case that your property becomes uninhabitable for short periods of time.

What does landlord insurance protect?

Landlord insurance is usually broken down into two parts — property coverage and liability coverage.

Property coverage protects the physical structure of the home. This would be your walls, roof, flooring, and other physical features of the property.

Liability coverage protects you against bodily injury or other accidents that may occur on the property, or other claims made against you as a homeowner.

‍Why can’t I keep my homeowner’s insurance policy?

A homeowners insurance policy and a landlord policy are similar in that they cover the physical structure of the building, but they differ in several important ways.

First, a homeowners policy covers the contents of the property while a landlord policy typically does not. Here, contents refer to personal belongings, clothes, and furniture that you most likely won’t be living at the property with your resident, so you don’t need to pay for coverage. Although if you choose to keep some items on-premise, such as a lawnmower, for your tenants to use, a landlord policy can cover that.

A landlord policy also includes important coverages like loss of rent, which protects your rental income.

Does the mortgage company require me to have insurance?

Yes. All mortgage companies or lenders will require that you have a landlord insurance policy on the property, even if you previously had a homeowners policy on the property.

Is landlord insurance more expensive than a homeowners insurance policy?

Sometimes it can be, but it all depends on the property. Insurance carriers typically price these policies a little higher because you’re not living in the home and would potentially catch issues before they turn into larger problems.

“By managing our rental properties on Baselane, we were able to easily request new quotes that saved me almost 15% over existing premium – something my old brokerage wasn't able to do. A no-brainer for our business"

Kilian Gersing Philadelphia, PA
Investor with 5 Properties
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