Landlord insurance is a type of insurance policy for someone who rents out a home they own. It typically includes two different types of coverage: property and liability protection. Here are some of the key coverages that landlord insurance policies typically offer:

• Property protection: This coverage typically helps cover physical property related to the home youre renting out. This may include the dwelling itself and equipment you keep on site to help maintain it. Coverage generally includes:

  • Dwelling
  • Other structures
  • Personal property used to service the rental
  • Loss of rental income

• Liability protection: This coverage can help protect you if someone is injured on your rental property or if youre found responsible for damage to someone elses property.

In addition to these core coverages, there are several common riders that can come with landlord insurance policies. These include:

• Guaranteed Income Insurance
• Flood Insurance
• Emergency Coverage

Its important to note that landlord insurance generally does not cover your tenants personal possessions. For that protection, your tenants will need to purchase their own renters insurance policy. Some landlords require tenants to show proof of renters insurance before approving their rental contract.

If youre renting out a room or another floor to a tenant while living on the property, youre typically not eligible for a landlord policy. Landlord policies are designed for "non-owner-occupied" property. In this case, you may be able to add coverage to your homeowners policy for the section of your property youre renting. Talk to your insurer about your options.

Its worth noting that landlord insurance is not required by law, but most lenders will require it if youre financing the property or have a mortgage.