Rental Insurance Tips for Residential Landlords: What's Covered?

Landlord insurance provides essential protection. Reviewing its limits and optional coverage helps protect your property, income and liability.

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Does your landlord insurance cover the risks your rental property faces? It provides essential protection, but the answer depends on your policy's limits, exclusions and any additional coverage you choose. Protecting the building, replacing lost rental income and covering liability claims are all parts of protecting your investment. Start by understanding what your policy covers, then consider where optional insurance could reduce your financial exposure. 1. Understand Your Policy Coverage There is a strong case for starting with standard landlord insurance: it typically covers property damage caused by fire, storms, vandalism and theft, along with liability protection for injuries on the property. Those are essential protections. The catch is that a policy also has limitations and exclusions. Knowing that you have landlord insurance doesn't tell you exactly what it will cover. Review the policy carefully so you understand both its protection and its boundaries before considering additional coverage. 2. Consider Rental Income Loss Coverage Damage to the property can also mean lost rent. If a covered event makes your rental uninhabitable, rental income loss coverage, also known as r