Landlord Insurance

Landlord Insurance Information

Do you rent out a property in the Rochester NY area? Then consider Landlord Insurance. Landlord insurance is a policy for someone who rents out a home they own. This type of insurance includes coverages intended to help protect you, the landlord, from financial losses.

LANDLORD PROPERTY PROTECTION
The property protection in a landlord insurance policy typically helps cover physical property related to the home you're renting out. This may include the dwelling itself and equipment you keep on site to help maintain it. Coverage generally includes:

Dwelling
This coverage helps pay to repair your rented home, condo or apartment if it's damaged by fire, lightning, wind, hail or other covered losses.

Other structures
This part of your policy helps pay to repair detached structures on your rental property, such as detached garage or fence, if they're damaged by a covered loss.

Personal property used to service the rental
If you leave a lawnmower or snow blower onsite to maintain your rental property, landlord insurance may help cover this equipment if it's damaged. However, if you leave your personal bike or Blue Ray player at the home you rent out, it likely won't be covered under your landlord policy.

All of the above types of coverage are subject to the deductibles and limits stated in your specific landlord policy. Your deductible is the amount you'll pay for a covered loss before your landlord insurance kicks in. A limit is the maximum amount your policy will pay after a covered loss. Each coverage typically has its own, separate deductible and limit. You may be able to set your own deductible and limit amounts for these coverages.

LANDLORD LIABILITY PROTECTION
The liability portion of a landlord insurance policy may help you pay for another person's medical bills or your legal expenses if someone else is injured on your rental property and you're found responsible.

For example, if your tenant falls down stairs at your rental property and a court determines that you failed to maintain the stairs and/or railing, you could be held responsible for your tenant's medical, legal and other costs. In that case, your landlord liability coverage may help pay for those expenses, up to your policy's limits. You typically won't pay a deductible for a liability claim.

EXTRA LANDLORD COVERAGES TO CONSIDER
Depending on the neighborhood, geographic area or condition of your rental, you may want to consider adding on some optional coverages to your landlord policy. These coverages may include:

Vandalism
You may want optional coverage to help you pay to repair vandalism damage. If your property is vandalized, that type of damage typically isn't covered by a traditional landlord policy unless you purchase vandalism coverage.

Burglary
While a standard landlord insurance policy may help pay to repair your home if it's damaged in a break-in, it typically won't pay to replace stolen items. Optional coverage may be available for theft of items you keep on the property to help maintain it, such as appliances or a lawnmower.

Rental property under construction
Are you gutting or renovating your rental or building a new dwelling? You may be able to purchase additional coverage to help protect the structure until it's ready to be occupied.

Building codes
If you're repairing or replacing part of your rental after it's been damaged, you could be legally required to upgrade items like wiring or ventilation, says the International Risk Management Institute. This is because city or county codes may have changed since your property was originally built. This coverage may help reimburse you for those additional costs.