Rental property insurance, commonly known as landlord insurance, protects you against the dangers associated with renting out your home or condo for extended periods of time. It covers property damage, liability costs, and loss of rental income for landlords who rent out their properties.
Landlord Property Protection
- 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 DVD player at the home you rent out, it likely won't be covered under your landlord policy.