A home that you live in and a home that you rent to someone else create different insurance exposures. That is why a standard owner-occupied homeowners policy may not be appropriate for a property used as a rental.
Landlord insurance—often written on a dwelling or rental-property policy—is designed around the owner’s interest in a tenant-occupied property.
Insuring the Dwelling
The policy may cover the rental dwelling against specified covered causes of loss, subject to the policy form, limits, deductible, and valuation provisions.
Other Structures and Landlord-Owned Property
Detached structures and certain property you own for servicing the rental may also need protection. Coverage varies by policy.
Landlord Liability
Rental ownership creates liability exposures involving the premises and property condition. Review the liability protection included or available.
Loss of Rental Income
A covered property loss may make the rental temporarily uninhabitable and interrupt rent. Loss-of-rents or rental-income coverage may help with eligible lost rental income, subject to policy terms and time limits.
Your Tenant Needs Renters Insurance
The landlord’s policy generally is not intended to insure the tenant’s furniture, clothing, electronics, or personal liability. Requiring renters insurance can help clarify responsibilities.
Vacancy and Short-Term Rentals Need Special Attention
Vacant properties, renovations, seasonal use, and short-term rentals can create different underwriting and coverage issues. Tell your agent how the property is actually used.
Treat a Rental Property Like a Business Asset
Keep insurance information current, document improvements, maintain the property, and review coverage as rents, rebuilding costs, and property use change.
Have Questions?
Oberryman Insurance Agency can help you review your homeowners, condo, renters, or landlord insurance and identify coverage areas that deserve attention. If you live in Northern Virginia or elsewhere in Virginia, Maryland, or Washington, D.C., contact Oberryman Insurance Agency to discuss your property insurance needs.
Insurance coverage, eligibility, limits, deductibles, exclusions, endorsements, valuation provisions, and availability vary by insurance company, policy, property, state, and individual circumstances. This article is provided for general informational purposes and is not intended to modify or replace the terms and conditions of an insurance policy. Please review your policy and contact Oberryman Insurance Agency to discuss your specific insurance needs.
