Landlord and Rental Property Insurance
If you are a rental property owner, you need a dwelling property insurance policy designed to protect rental homes that you own but do not live in. They will help you cover the property that belongs to you without making you take responsibility for the renter’s own liabilities.
Coverages available on a Dwelling Property Policy include:
Dwelling insurance which will cover the structure of the house itself if it sustains damage from ﬁres, vandalism, severe weather, or other covered perils named in the policy.
Other structures coverage which insures detached construction on the property, such as carports, gazebos, storage sheds or fences.
You may also add:
Landlord liability insurance pays when you are responsible for injuries or property damage that occur to other people.
Fair Rental Value which adds coverage for loss of rents should the dwelling be uninhabitable due to a loss caused by a covered peril.
There are still other endorsements that you might be able to add to your plan to increase your available coverage. Plus, you might also need additional coverage like ﬂood insurance to round out your policy. Ask your agent about the best ways to appropriately structure your plan.