Rental / Landlord Policies cover homes and properties that are owned by you, but not occupied by you. Also known as Dwelling Fire policies, these policies can cover the home itself, other buildings on the property, personal property, and premises liability.
Coverages Provided by Landlord Insurance
The Dwelling Fire will Cover the structure on an Open-Perils basis, similar to a Homeowners Policy, meaning that things like wind & hail damage, fire, and falling objects are covered. Earthquakes and Flooding, for example, are specifically excluded from the policy, and coverage would need to be endorsed, or written specifically for the property.
Other Structures on the property (Sheds, Buildings, etc.) are covered on an Open-Perils basis.
This gives you coverage, in the event someone is injured due to risks that were knowingly defective, and not repaired. For example, someone gets injured on a rotting staircase, or someone slips and falls due to wet floors.
If there is a covered loss on the property, and renters need to vacate the premises, this coverage will supply rental income, up to the established limit, to the landlord, while repairs are taking place on the property, and tenants are unable to occupy the property.
You May Want To Consider A Landlord Policy If:
- You Own a Rental Home
- You Own a Vacation Home
- You Own a Secondary Home
- You Own a Seasonal Home
The Dwelling Fire is mainly intended to cover the landlord. It only gives limited coverage to Renters, which is why we will always recommend tenants obtain Renters Insurance.