Rental Property
Insurance

A typical landlord insurance policy is designed to protect your investment from a variety of common risks. These include:

• Damage to Your Building: This is your landlord building insurance. It covers the physical structure of your rental property against common dangers (called "perils") like: 
  • Fire
  • Lightning
  • Explosions
  • Storms
  • Water damage from burst pipes or sudden leaks
  • Theft and vandalism
  • Smoke damage
  • Falling objects

• Landlord Liability Insurance: This is a critical part of your policy. It protects you financially if you're found legally responsible for injuries or property damage that happens on your rental property. For example, if a tenant's guest slips on a broken step you knew about but didn't fix, this coverage can help with medical bills and legal costs.
• Loss of Rent (Fair Rental Value): If a covered event (like a fire) makes your rental property unlivable, this coverage can help replace the rent money you lose while the property is being repaired.
• Contents You Own: If you provide appliances (like a washer/dryer or refrigerator) or furnishings that belong to you for the tenants' use, your policy can cover damage to these items.

Optional coverages you might add:

• Accidental damage
• Malicious damage by a tenant (beyond normal wear and tear)
• Terrorism
• Legal protection (for landlord-tenant disputes)
• Alternative accommodation costs (for tenants if required by law)

Important Note: Landlord insurance generally does not cover any personal property that belongs to your tenants. Tenants need their own renters insurance for their belongings.