Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Landlord InsuranceIf you have recently obtained rental property, or are converting an existing home that you intend to rent, the first thing you need to know is that you must have a landlord insurance policy in place before you allow renters to inhabit the structure.

Landlord insurance protects you from liability and protects your property against loss.

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Renting property carries with it the risk that tenants may damage the property or steal the contents of the property. Landlord insurance protects the owner against loss due to theft, weather damage and vandalism.

Landlord insurance is a type of insurance that owners and investors carry on rental property. If you are a landlord, you should shop around for the best landlord insurance rates that are available in your area.

Shop for landlord insurance just as you would for insurance on your primary home  or vehicle. Comparing quotes using an online comparison form will make it a much simpler process.

A Few Things to Remember about Landlord Insurance

First of all, when you are preparing to obtain a landlord insurance policy for a rental property, assess the value of the home or structure only. Do not include the property under the structure in your calculations of the home or structure value.

The insurance policy you purchase should include the structure only and not the land underneath.

Second, you will have the opportunity to insure the structure only, or the structure and the contents, on your landlord insurance policy. If you offer furnished properties to renters, you may wish to insure the contents in the case of theft or damage. Keep in mind that most insurance policies for homes and rental property  do not cover mold damage. Stay on top of any potential mold problems in the structure, such as leaky pipes or water damage.

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Third, choose a deductible that fits your situation. Most insurance companies will advise you to maintain a $500 deductible. However, you do have the option to raise the deductible to $1000.

Raising your deductible lowers your premiums by sometimes as much as 25%. The drawback is that if there is damage to the property, or contents are stolen or destroyed, you will be responsible for paying the first $1000 for the claim. Read general advice for landlords at the The Successful Landlord blog here.

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How Deductibles Work

Good Landlord InsuranceThe deductible is the amount that you will need to pay in the event that you need to file a claim for your rental property.

If you maintain a $1000 deductible, you will need to pay the first $1000 of any damages before your insurance policy makes any payment on the claim. This is problematic in the event of moderately priced repairs that must be performed on the structure.

For example, if a roof leak causes damage to drywall in a ceiling and the repairs are estimated at $1200, you are responsible for paying the first $1000 and the insurance company will pay the additional $200.

If your rental property is older, you may want to ensure that you maintain a $500 deductible to better manage problems that may occur with the structure.

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The Cost of Landlord Policy Premiums

A policy for your rental property will vary depending how it is assessed. The information considered when determining your policy cost and premium payments includes:

  • Age of the Structure
  • Number of Units
  • Type of Ownership
  • Location of Property
  • Value of Structure
  • Amount of Deductible
  • Security Features (alarms, monitoring systems, etc.)

Another factor included in the calculations of the cost of a landlord insurance policy is whether the policy holder has other policies with the insurance company. For example, if the policy holder also carries their homeowners insurance with the company, they will most likely receive discounted rates for their landlord insurance policy.

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Installing security features will provide discounts as much as 25% for the landlord insurance policy holder.

Raising the deductible will increase the savings on your premiums even more. Of course, remember that the higher the deductible amount, the more money will need to be paid out of pocket in the event of filing a claim.

Shop around for the best landlord insurance policy for your needs by comparing rates and policies in your state between various providers. There is no substituted for comparison shopping for landlord insurance when it comes to finding the best policy for the best price.

How to Shop for Landlord Insurance

Shop For Landlord InsuranceMany insurance companies offer landlord insurance for rental properties. When selecting the company for your coverage, select a reputable insurance company with a history of good customer service. Research any potential insurance company from which you might purchase a policy and ensure that they offer great customer service and pay claims in a timely manner. Learn what says about landlord insurance here.

Comparison websites provide a list of competing insurance companies that provide coverage in your area. Simply enter your ZIP code to get started comparing insurance companies and policies. Answer a few questions about the age and value of the property, as well as the number of units in the dwelling, and get back a list of insurance companies that provide homeowners and landlord policies.

Use your property ZIP and the FREE tool provided here to compare estimates on your landlord insurance now!