Landlords’ Insurance

Don't leave any aspect of your financial well-being to chance; protect yourself with the right insurance coverage for all your needs.

Landlords’ Insurance

Being a landlord entails significant financial risk. Since homeowners insurance only covers owner-occupied units, there’s a large gap in the landlord’s financial safety net. Landlord insurance covers many of the same components as homeowners insurance and also fills
that gap.
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What is Landlords’ Insurance

Landlords' insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord are inside. Landlords' insurance is often referred to as buy-to-let insurance. Landlord insurance is separate from landlords'emergency cover.

How much does Landlords’ Insurance cost?

Landlord insurance costs vary regionally. Why? The cost of materials and labor to perform repairs varies based on where you live. Additionally, different regions face specific challenges that might result in claims: People who live in places where large-scale storm damage is likely will file more claims all at once, bumping up their premium rates. After regional differences, though, landlord insurance premiums are based on the size and age ofthe covered buildings, the risks based on the amenities and environment in the buildings, and the choices you 
make about coverage.

Square footage of the home

Larger homes have more volume to repair or rebuild, so
the base portion of a landlord policy will be determined by the size of the home and
any additional structures.

Crime risk

The crime rate in the area where the building is located can affect the cost
of landlord insurance. If crime is low, home values are steady, and the school districts
and neighborhoods are well regarded, the rate will be lower.

Coverage maximums

Your agent will help you settle on the maximum amount of
coverage you need per event or annually. Increasing the maximums may protect you
more effectively but will drive up your rate

Age and materials of home construction

Older homes are more complex to repair,
especially because parts may be hard to come by and because repairs may require
older homes to be brought up to current code, which adds to the expenses.

Value of the home

More expensive properties cost more to insure because they cost
more to repair or replace.

Tenancy

Long-term tenants on year-long leases suggest stability and a clientele that
is likely to continue paying rent and care for the property as if it were their own.

Environmental risk

Insurers don’t like losing money, and areas that are likely to be hit
by tornadoes or hurricanes are a huge threat to the profit margin.

Add-on coverage

Coverage that you choose to add, such as guaranteed income,
flood, and emergency coverage, will drive up your overall cost.

Chances are that your policy only covers owner-occupied homes. If you start renting out to
someone else, the coverage no longer applies. And as renters are generally not held liable
when a large appliance malfunctions, a person suffers an injury on the property (through no
fault of the tenant), a forest fire damages or destroys your home, or burglars simply empty
the place, that means you could be left out to dry for these or other misfortunes caused by
humans or Mother Nature.

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