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The price you pay for your Landlord's Insurance or Fire Policy  may vary.
You should compare prices annually.

Landlords should shop for the best landlord insurance rates just as you would your home.  Check with landlords in your area or a landlord association. You may apply online for landlords insurance quotes and receive information from more then one insurance company.
If you have an existing landlords insurance policy or are purchasing an investment property,
click here for our landlords insurance quote service.

What is a Landlords Insurance Policy? 

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A Landlords Insurance Policy can take several forms depending on the age, number of units, type of ownership, location etc. Typical landlords insurance may consist of a FIRE POLICY and UMBRELLA POLICY which may be an extension of the insurance on your primary home.  

The Umbrella extends your liability coverage. Again, this all depends on the type of ownership and the number of units. You should speak to an insurance agent experienced in multi-family housing to get the best solution for your individual needs and location.

YOUR LANDLORD INSURANCE DEDUCTIBLE

Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim on your policy. The higher your deductible, the more money you can save on your premiums. Insurance companies typically recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent on your premium. 

HOW MUCH LANDLORD INSURANCE DO I NEED

The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your landlord policy. So don't include land value to determine  how much landlord insurance to buy. If you do, you will pay a higher premium than you should because you will be over-insured. Your agent  help you base the amount of insurance on your homes square footage. In addition, the agent will advise you HOW TO INSURE your rental property or properties.

Click for Landlords Insurance Quotes

RENTERS INSURANCE

You, as the landlord are NOT responsible for the tenant's personal belongings (typically). The tenant should be advised or required to obtain RENTERS INSURANCE. We have a form letter you can download (free) to give to your tenants advising them they either are or are not required to obtain Renters Insurance and the purpose of it.
Download Letter or View Renter Insurance Guide

IMPROVE SECURITY 

Discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks are common.  Additional discounts may exist based on the type of system or even how close you are to a fire station or hydrant.
Landlords should take extra precautions on eliminating dangerous elements from the property. Broken windows, cracked sidewalks, over-hanging trees, disrepair, stairs, doors etc.  Tenants with Dogs, Above or In round Pools, broken cars on a property don't help . A landlord may pay a higher premium for landlords insurance the greater the risk.  Talk to your agent prior to an inspection.
  BEFORE YOU PURCHASE AN INVESTMENT PROPERTY UNDERSTAND ALL YOUR EXPENSES - INCLUDING EXPENSES. You never know if you come across a sue happy tenant.

TALK TO THE AGENT
You're the landlord and it's your money. Talk to the agent about the proposed landlords insurance and be sure you are not paying for things you don't need in your policy. 

The landlords insurance should protect you from a possible tenant lawsuit if they or their guests were injured and to protect the home from fire or other peril so that you can repair or rebuild should the need arise.

Insurers have become more selective or more thorough on inspections. Be sure to have your property in shape - for yourself, your tenants and any inspections that are required by insurance or local officials.

 

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LANDLORD INSURANCE

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