Landlord Insurance

The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft, and malicious damage. Each insurance policy is different and may or may not include all these items.

Landlord insurance is often referred to Rental Owners Insurance as well.

Optional coverage might include accidental damage, malicious damage by tenant, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.

Landlords’ insurance policies typically do not cover any personal property belonging to tenants, or otherwise protect the interest of tenants; although a liability policy protecting a landlord or property manager will be of benefit to tenants should they incur a loss for which the landlord is responsible.

Landlords should consider requiring tenants to hold their own renter’s insurance policy to reduce their exposure and liability of someone living in the rental property.