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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rental business insurance

Managing a rental business of any sort, whether you’re renting cars, boats, tuxedos or apartments, demands reliable, responsive, quality insurance coverage.

Find the quality, affordable coverage by comparing business insurance quotes among all the top insurance companies in the country. Enter your ZIP code above to compare rates!

In a traditional retail business, you need only insure what you’re selling until it’s out the door. Once the customer has taken it off the lot or out of the store, it’s their responsibility. With a rental business, you have to consider a few concrete facts when somebody rents one of your products or properties.

  • They’re Going to Return it
  • It Won’t Last Forever
  • Some Damage is a Given

Consider the Facts

Let’s consider that first and most important point. It’s really what defines a rental business. When you give somebody the keys to one of your cars, for instance, they are at least planning on bringing it back more often than not. And when they do, some damage is a given, in that wear and tear is a necessary end result of even a short drive in a car, any car.

As such, rental properties and products wear down over time. Even if it’s something as simple as DVDs, not many people know this, but DVDs only last about twenty years, and the more you use them, the faster they wear down. It’s simply a fact of life that things eventually fall apart.

Finding the right insurance company for your rental business, then, is very important. You wouldn’t typically insure your rental cars through the same people who insure your car. You wouldn’t typically insure your rental properties through the same people who insure your home. Here’s what you need to know about finding the right insurer for your rental property.

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You Won’t Find Them Through Traditional Insurance Agencies

When looking for a rental property insurer, forget going through the same agencies that helped you find a car insurer. Rental business insurance is a special niche in the insurance industry, and you need to find special niche insurance agencies who can connect you with the right business insurance companies.

It might just so happen that there’s some overlap. An agency who can find the best car insurance rates might also find the best rental insurance, but the bottom line is that you need to find an agency who specializes in insurance for rental businesses.

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Affordable, Full Coverage is a Must

When insuring your car, you really only need to worry about keeping it legal. If you want to get full coverage, that’s a good option, but it’s still just one option of many. When it comes to insuring your rental properties, cars or whatever else, there’s no much point in getting minimal coverage. If you’re not getting a robust coverage package, then you’re likely to be left out in the cold in nine insurance claims out of ten.

If not full coverage, then at the very least, robust coverage is a must. You want to be covered in the event that a customer steals what they rented, you want to be covered if they return the car with four flats or total it completely, you want to be covered if a tenant burns their apartment down.

Anything that you don’t cover with you insurance policy, you risk paying out of pocket. If you want to save a lot of money in the long run and ultimately maintain a greater profit margin, you would be well advised to spend an extra dollar or two on insurance, today. As such, you need to find an insurance seller that offers robust packages at an affordable price.

So, Where to Turn?

Well, if you’re reading this at an insurance quote comparison website, then you’ve come to the right place. The important thing is that you check out a lot of quotes, a lot of options, and see who’s best for you.

Comparison really is key. When dealing with a single company at a time, there’s no telling whether or not they’re really giving you the best deal, so by comparing multiple quotes, you stand to get a much better deal.

Look for Discounts

business insurance discounts

The great thing about buying insurance, and the one thing that most people fail to capitalize on, is that there are a lot of discounts to be had. If you, say, donate a portion of your proceeds to a charitable organization, any portion at all, there may be an insurance company that offers you a discount for that. If you only rent out American made cars, there may be an insurance company that will offer you a discount for that, as well. If you offer low rent housing, there may be insurance discounts as well as government subsidizing to look into.

Whatever your business, whatever you specialize in, it is always worth the extra minute or two it takes to look for an insurance company that will offer you a discount.

At the end of the day, the reason you’re taking out insurance in the first place is to improve your profit margin. By spending less money on repairs and replacements out of pocket, you’re ultimately making more money. As such, getting a great, low price is of the utmost importance. In order to get that low price, it makes a lot more sense to look for discounts that are geared specifically towards your business than it does to cut corners on buying coverage.

Settling on a Package

It may be in your best interests to get your insurance coverage and business insurance from the same place, as this may ultimately result in a much lower fee overall. In any event, when settling on a package, just make sure that it meets these qualifications.

– Complete Coverage

– Affordable Pricing

– Reputation for Responsive Service

Beyond these three factors, a lot depends on your business’s niche, what kind of discounts you qualify for and so on, but as a universal rule, complete coverage, affordable pricing and a good reputation are key in any insurance provider.