Compare Landlord Insurance Quotes

Landlord insurance — sometimes sold as a DP-3 dwelling fire policy — is property insurance designed for homes you own but do not live in. It replaces the homeowners policy you'd normally carry on the building plus adds rental-specific coverages like loss of rent, tenant-caused damage, and higher liability limits suited to the risk of tenants and visitors on the property.

If you're renting out a property on a homeowners (HO-3) policy, you're almost certainly not covered during a claim. Carriers exclude non-owner-occupied properties from HO-3 policies, and they'll deny claims once they discover the home is rented.

A standard landlord policy covers five things:

• Dwelling — the physical structure, at replacement cost.
• Other structures — detached garages, fences, sheds.
• Liability — usually $300K–$1M, with umbrella options on top.
• Loss of rent — pays you the monthly rent if the property is uninhabitable after a covered loss.
• Landlord's personal property — appliances, tools, and furnishings you supply (not the tenant's belongings).

Tenant belongings are the tenant's responsibility — that's what renters insurance covers. Many landlords require tenants to carry it as a lease condition.

Landlord policies typically run 20–30% more than a homeowners policy on the same property, because rental properties carry higher liability and tenant-damage risk. National averages land at roughly $1,500–$2,200 per year for a single-family rental, varying heavily by state, home value, and tenant type.

The biggest cost levers:

• Property value and construction. Brick and newer builds are cheaper to insure than wood frame or pre-1980s construction.
• Tenant mix. Long-term tenants cost less to insure than short-term rentals.
• Property count. Portfolio policies on 5+ units often cut 10–15% off the total.
• Deductible. Raising from $1K to $2.5K saves 10–15%.

Four meaningful differences:

• Occupancy. HO-3 requires owner-occupancy; DP-3 requires tenant occupancy (or non-occupancy with vacancy riders).
• Personal property. HO-3 covers your belongings; DP-3 only covers landlord-supplied items.
• Liability scope. Landlord liability specifically addresses tenant and visitor injury on the premises.
• Loss of use vs. loss of rent. HO-3 pays your living expenses if the home is damaged; DP-3 pays the rent you would have collected.

Five things to check before binding:

1. Replacement cost, not actual cash value. ACV deducts depreciation — brutal on a 20-year-old roof after a hailstorm.
2. At least 12 months of loss-of-rent coverage. Rebuilding a rental often takes longer than rebuilding an owner-occupied home.
3. $1M liability minimum. Tenant injuries generate bigger verdicts than visitor slips at a single-family home.
4. Short-vacancy provision. Many policies exclude losses during vacancy over 30–60 days; pick one with a 60–90 day allowance if you have tenant turnover.
5. Tenant-damage endorsement. Optional but valuable if you're working with less-qualified tenants.