Rental Property Insurance: Who Needs it and What Does it Cover?

While rental property insurance is not required for a landlord to rent out their property, it brings many benefits – from providing liability coverage for legal fees in the event that a tenant is injured at your rental property, to contributing necessary replacement costs in case the property is destroyed by certain natural disasters. Almost […]

Landlord Insurance When Renting to Your Family

Yes. You’ll need landlord insurance anytime you own a property, title it in in your name, live elsewhere, and collect rent. Whether it’s a second home, vacation home, or investment property, if you charge for someone to live in it, including family, then you should buy landlord insurance. What if I Live in The Rental […]

Is Landlord Insurance Worth the Investment?

As a landlord, it’s important to consider all the ways that you will need to protect your rental property, and by extension your rental income — and that most likely will require a different type of insurance than a standard homeowners insurance policy. Determining if you should get a landlord insurance policy is something that […]

How to get Landlord Insurance

When making the decision to turn a property into a rental property, one of the first steps is to talk to an insurance company about the type of property coverage you’ll need. Many property owners make the mistake of assuming that renters insurance, their homeowners liability coverage, or some combination of the two will cover […]

Is Landlord Insurance a Substitute for Homeowners Insurance?

Due to the restrictions on what makes a home eligible for homeowners insurance vs what makes it eligible landlord insurance, you would generally not be able to ever have both at the same time. The catch is that, due to the higher risk that rental properties have, the insurance coverage you receive with a standard […]

Is Landlord Insurance Mandatory?

No. Property owners are not required to have a landlord insurance policy to rent out their property. Though landlord insurance is not mandatory, we recommend that property owners seriously consider purchasing a policy in order to cover damages that come up from being a rental property owner. Here are some of the benefits to having […]

Do I Need Landlord Insurance if I’m Just Renting a Spare Room Out?

Renting out part of your home can be a great way to make extra cash for many homeowners. However the chance for property damage may go up, and you’ll need to see if you’re properly protected with your current homeowners insurance if you make this decision. Whether you need landlord insurance or if your homeowners […]

How Much Does Landlord Insurance Cost?

Landlord insurance policies usually cost about 25% more than homeowners insurance policies, according to the Insurance Information Institute. The average cost of landlord insurance was $1,478 in annual premium, and the average cost of homeowners insurance was $1,192, as of a few years back. For example, we got insurance quotes for a typical 3-unit Chicago […]

The Ultimate Guide to Landlord Insurance in 2021

Learning about landlord insurance for the first time or just looking to brush up on the basics? We have you covered with our comprehensive 2021 landlord insurance guide to all things landlord insurance-related. What’s the Difference Between Homeowner and Landlord Insurance? If the property is your primary residence, you’ll need a homeowners insurance policy. Otherwise, if […]

What’s the Difference Between Renters Insurance and Landlord Insurance?

In short, renters insurance is what tenants buy to insure their possessions whereas landlord insurance is what the building owner buys to insure the building. Landlord Insurance Landlord insurance is the policy that insures against damage to the building itself. If there’s fire damage or the building is completely destroyed, the landlord insurance policy pays […]

How Much Landlord Insurance do I Really Need?

The simple answer is: your landlord insurance policy needs high enough coverage to pay for your rental property to be rebuilt if it were destroyed. The more complicated answer is: you need to pick coverages and deductibles for your property damage and liability coverage that fit your financial situation and risk tolerance; we’ll discuss how […]

Is Landlord Insurance Right for Me?

If you own a rental property that is not your primary residence, then you need landlord insurance. In many cases, this also includes homes used as frequent short-term rentals, although Airbnb rentals may be covered with home insurance policy add-ons and additional coverage options provided through Airbnb. Like homeowners insurance, a landlord insurance policy is […]

How to Know When You Need a Lawyer as a Landlord

Let’s face it. Lawyers are expensive, and it’s no wonder many landlords take the DIY approach towards legal matters. That’s often the best strategy, but there are places where saving a dime can cost you a dollar’s worth of time or effort. If you own a few rentals, you most likely won’t need a lawyer […]

An Overview of the Landlord Background Check Process

Rental background checks help landlords screen potential tenants, find red flags, and pick the best tenant. The background check usually happens alongside a credit check after a prospective renter fills out a rental application. You can expect a background check to: ·         Confirm the renter’s identity. ·         […]