What if a tenant or visitor slips on your icy walkway and sues you? Liability coverage can pay for medical bills, legal fees, and settlements, protecting your personal finances from lawsuits. It’s a layer of security you can’t afford to skip.
Loss of Rental Income
If your property becomes uninhabitable due to a covered event (like a burst pipe or fire), you lose rent while repairs are made. Many policies include “loss of use” coverage to replace that income, keeping your cash flow steady.
Tenant-Related Risks
Tenants can be unpredictable. Accidental damage, like a overflowing bathtub, or even intentional harm could leave you with repair bills. While not all policies cover every tenant-related issue, the right insurance can mitigate these risks.
Mortgage Requirements
If you financed your rental property, your lender likely requires proof of insurance. Don’t risk losing your loan—or your property—by going uninsured.
Real-world example: In 2023, a landlord in Louisiana faced $75,000 in damages after a tenant’s neglected candle sparked a fire.
With no rental property insurance, they paid out of pocket. Don’t let this be you.
What Does Rental Property Insurance Cover?
Rental property insurance is flexible to your needs. Here’s what a typical policy includes:
Dwelling Coverage: Repairs or rebuilds the physical structure (walls, roof, etc.) after covered events like fire, wind, hail, vandalism, theft and water damage.
Personal Property: Protects items you own and leave for tenant use, like a washer or lawnmower
(tenant belongings are their responsibility—encourage them to get renters insurance with their auto insurance company).
Liability Protection: The is the lawsuit protection you need to defend against claims you are liable for and if you are not liable you get a liability defense the insurance company attorneys to defend you.
Loss of Rent: Provides loss of rental income during repairs after a covered loss.
Optional add-ons—like flood can fill gaps, especially if your property’s in a high flood risk area.
It’s all about building a policy that fits your situation.
Busting the Myths:
“I Don’t Need Insurance Because…”
“I have the best tenants they’re careful and nothing would ever happen.”
Accidents happen to even the best tenants.
Insurance is for when the unexpected happens
“It’s too expensive.”
On average, landlord insurance costs about 30% more than homeowners insurance—often just a few hundred dollars extra per year.
Compare that to the thousands you’d pay for repairs without it.
“My homeowners policy covers it.”
Nope. Once you rent out your property, most standard policies exclude coverage.
Check yours today—don’t assume.
The Cost of Coverage: Affordable Protection
Worried about the price tag?
Rental property insurance is more affordable than you might think.
Costs vary based on your property’s location, size, age, and coverage limits, but here’s a ballpark: for a $300,000 property, expect to pay around $2500–$5500 annually based on location
Shop around, bundle with other policies (like auto insurance), or raise your deductible to save even more.
Some risk averse rental property investors exclude wind coverage on their properties to save up to 70%
Take Action:
Secure Your Property Today
Your rental property isn’t just a building—it’s your income, your future, your hard work.
Why gamble with it?
Rental property insurance isn’t legally required, but it’s the smartest move you can make as a landlord.
Whether you’re managing a long-term rental or dipping into short-term vacation leases, the right policy keeps you covered.
Ready to protect your rental property investment?
Start by getting a getting a insurance protection review today.
It takes minutes and could save you thousands. Don’t wait for a “what if” to become a “what now.”
Act today—because your property deserves it, and so do you.
