Landlord Insurance

A landlord Insurance is meant for someone who rents out a house they own.  

Firefly’s Landlord Insurance policy covers property and liability insurance. Both insurance policies are designed to shield you, the landlord, from finances losses. 

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Landlord Property Protection

The physical property connected to the house you’re renting out is normally covered by the property protection in a landlord insurance policy. This could include the actual home, as well as any maintenance tools you keep on hand. In general, coverage consists of: 

  • Dwelling: If your rental home, condo, or apartment is damaged by fire, lightning, wind, hail, or other covered losses, this coverage may help pay for the repairs. 
  • Other structures: If any other structures on your rental property are damaged by a covered loss, such as a detached garage or fence, this section of your insurance helps cover the cost of their repair. 
  • Personal property used to maintain the rental: If you leave a lawnmower or snow blower on the property to maintain your rental property, landlord insurance might be able to help with the cost of replacing the equipment in the event of damage. However, your landlord’s insurance probably won’t cover items like your own bike or DVD player if you leave them at the house you rent out. 

The deductibles and coverage limits specified in your particular landlord policy apply to all of the mentioned types of insurance.  

A deductible is the amount you must pay toward a covered damage before your landlord insurance kicks in.   

A limit is the highest sum that your insurance will cover following a covered loss. 

Normally, each policy has a unique, independent deductible and limit. For these coverages, you might be allowed to choose your own deductible and limit amounts. 

Landlord Liability Protection

If someone gets hurt on your rental property and you’re found to be at fault, the liability section of your landlord insurance policy can help you cover their medical costs, or your own, if you’re found to be at fault. 

For instance, if a court finds that you neglected to maintain the stairs and/or railing and your tenant slips and falls on the first floor of your rental property, you may be liable for the tenant’s medical, legal, and other expenses. 

 If so, your landlord liability insurance may contribute to covering those costs, up to the limits of your policy. A liability suit normally doesn’t require you to pay a deductible. 

What’s Excluded from Landlord Insurance?

While landlord insurance help cover costs associated with a variety of unforeseen and unavoidable losses, you’ll probably discover that some items aren’t covered by the policy. A landlord’s insurance coverage might not cover:  

  • Maintenance and equipment breakdowns: If the dishwasher or furnace in your rental property malfunctions, you’ll probably have to cover the cost of any required repairs or replacements yourself. 
  • Property you share: According to the National Association of Insurance Commissioners, you are normally ineligible for a landlord coverage if you reside on the property and rent out a room or another floor to a tenant. Policies for landlords are created for “non-owner occupied” property. Ask your insurance provider if you may extend your homeowner’s policy to include coverage for the area of your home that you are renting. 
  • Tenants’ belongings: Typically, landlord insurance does not cover your tenant’s personal things (electronics, clothes, etc.). Your tenants will need to have their own renters’ insurance plan to get that protection. Before agreeing to a tenant’s rental agreement, some landlords need proof of renters insurance. This assists tenants in paying for the repair or replacement of their personal property, including clothing and furniture, when damage from a covered incident, like fire or theft, occurs. 

Ready to rent out your property to a tenant? The Firefly agents will provide you with the best available options to get you the right coverage!