Rental Property Insurance

Rental property insurance holds significant importance for landlords, as it provides essential protection for their investments. This type of insurance can safeguard both the property and the landlord against a range of potential risks and liabilities. Rental property insurance can help provide landlords with peace of mind and protect their financial stability in the face of unexpected events. 

Do I Need Homeowners Insurance for a Rental Property? 

If you own a rental property, it is strongly recommended to have homeowners insurance specifically designed for rental properties, often referred to as landlord insurance. While homeowners insurance is typically intended for owner-occupied properties, landlord insurance provides coverage tailored to the risks and liabilities of renting out a property. 

What Insurance Do I Need for My Rental Property? 

The following are a few types of insurance coverage you should consider for a rental property: 

• Dwelling insurance may help protect the physical structure of the rental property from perils like fire, storms and other covered hazards.

• Liability insurance may help provide coverage for claims or lawsuits filed against you as the property owner. If someone is injured on your rental property or if there is damage to someone else’s property due to your negligence, liability insurance may help cover legal expenses, medical costs and potential damages awarded.

• Loss of rental income insurance may provide reimbursement for lost rental income if your rental property becomes uninhabitable due to a covered peril, such as a fire or a natural disaster. This coverage can help you recover lost rental income during the time it takes to repair or rebuild the property.

An insurer may also make additional coverage recommendations based on the property’s geographical location, features and age. These coverages might include flood insurance, earthquake insurance and personal property insurance. 

Does Umbrella Insurance Cover Rental Property? 

Umbrella insurance can provide coverage for rental properties. Umbrella insurance is designed to provide an additional layer of liability protection that goes beyond the limits of your primary insurance policies. 

Contact Arches Insurance today to learn more about rental property insurance. We can help ensure you have the coverage you need for financial protection and peace of mind.