Compare Landlord Insurance Quotes For Your Rental Property!

Compare landlord insurance quotes online and purchase a policy in a few minutes.

By Licensed Agent:  Sa El PublishedSeptember 5, 2024  UpdatedFebruary 3, 2025

What Is A Landlord Insurance Policy?

A Landlord Insurance Policy is insurance for people who rent out a home or property they own to a tenant. It's often called buy-to-let home insurance and also provides a layer of extra protection because it treats your rental properties as a business. Unlike standard homeowners insurance; landlord rental property insurance accounts for the unique risks associated with leasing a property.

How Much Does Landlord Insurance Cost?

$1,516 is the average annual cost for landlord insurance when you take into account that it's about 25% more expensive than a traditional home insurance policy.  Since the average cost of home insurance is about $1,083 you can expect to pay about $450 more per year for rental property insurance.

For more details you can click the following link to view your landlord insurance rates by state.

How Can I Get A Landlord Insurance Cost Estimate?

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What Factors Affect Landlord Insurance Rates?

Your Building

The age of your home affects your policy costs. How old is the plumbing? When was the roof last replaced? Is the wiring copper or aluminum?

Location

The location of your home is one of the largest factors insurance companies take into consideration when creating your policy.

Credit History

You have a completely separate credit score that was made specifically for insurance products.  The better this score, the lower your rates.

Coverage Levels

Your insurance company will give you several coverage amount options. This amount varies based on your choices. Most of these options can be adjusted.

Deductibles

This is another option that you can adjust to suit your financial needs. A deductible is the amount you must pay before insurance pays out.

Use Our Calculator

We created a pretty cool landlord insurance calculator that you can use to get a more solid understanding of how much coverage you need.

What Insurance Does A Landlord Need?

Landlords typically need a combination of the below business insurance coverages to protect their property, their tenants, and their business. Below I list some common types of insurance coverage a landlord might need.  While the below list might seem extensive, don't worry; most policies come equipped with the below coverages.

Landlord Property Insurance

This covers physical damage to the property due to fire, storm, theft, and other perils. It's more comprehensive than standard homeowners insurance and is specifically designed for rental properties.

Liability Insurance: This protects the landlord in case a tenant or visitor gets injured on the property. If the landlord is found legally responsible for the injury, this insurance can cover legal fees and medical bills.

Loss of Income Insurance: If a property becomes uninhabitable due to a covered loss (like a fire), this insurance can compensate the landlord for lost rental income during the repair period.

Rent Guarantee Insurance: This protects the landlord from lost income if tenants fail to pay rent. It's particularly useful in uncertain economic times.

Legal Expense Insurance: This can cover legal costs associated with evicting a tenant, property damage disputes, or other legal issues related to the rental property.

Building Ordinance or Law Insurance: This covers the cost of bringing a building up to current codes after a covered loss. Older buildings might need significant upgrades during repairs.

Contents Insurance: If the rental property includes furnished spaces, this insurance covers damage to or loss of items like appliances, furniture, and other personal property owned by the landlord.

Keep in mind that each landlord's situation is unique, so it's essential that you understand the specific risks associated with your rental property and choose the appropriate types of insurance.  Speaking with a licensed agent who specializes in rental properties can be very helpful in determining the right coverage.

LANDLORD INSURANCE WHERE YOU LIVE

Landlord insurance by state.

With a Landlord Insurance policy you can protect your rental property from several losses. 

Should anything happen to your commercial rental property landlord insurance will cover your investment. Click on your state to find out more.

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