As a landlord, you need to be aware that your homeowners insurance policy does not protect your rental property. Rental property insurance protects your property and investment from certain types of damage and liability unique to landlords, like wrongful eviction and entry. Rental property insurance can also prevent a loss of income if your property cannot be rented because of a covered loss.
HomeServies Insurance Maryland can help you choose the right insurance plan for your rental property. Contact us at 800.277.0013 to learn more about rental property insurance.
Understanding Your Rental Property Policy
Rental Property Insurance is for landlords with multiple rental properties and is available in two forms:
- Landlord’s Dwelling Insurance – covers you if you own a rental building designed for one to four families.
- Landlord’s Rental Condominium Insurance – covers you if you own a condo and rent it out.
Rental Property Insurance includes coverage for:
- The structure/dwelling – cost to repair damages to the rental property.
- Additional structures – cost to repair other structures on the property, such as detached garages or sheds.
- Personal property – covers your personal property located at the premises, such as tools, appliances, and furniture stored on-site or provided by you for use by your tenants.
- Lost rental income – covers loss of rents in the event the dwelling you rent to others becomes uninhabitable or unfit for its normal use due to a covered loss.
- Premises liability insurance – cost to defend you against lawsuits filed by tenants or guests, as well as the cost awarded if you lose the case.
- Medical payments – covers reasonable medical payments if someone is accidentally hurt or injured while on your property or through some activity that involves you or your family members.
Eligible properties may include:
- Duplexes, triplexes and quads
- Converted Victorians
- Row homes
- Older and lower-value homes
- Homes with minimal cosmetic conditions
- Vacant homes
- Properties under renovation
- Vacation Rental homes – in most states