Rental Property Insurance

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What Is Rental Property Insurance?

rental property insuranceRental property insurance, also known as landlord insurance, is a type of homeowners insurance that helps protect your investment in your rental property. Landlords need rental property insurance to help protect their rental unit, whereas tenants need renters insurance to help protect their personal belongings.
 

Types of Properties Covered by Rental Insurance

rental house insuranceRental property insurance can help provide dwelling insurance coverage for your rental home.
 

Rental Homes

If you rent out a house to tenants, rental property insurance can help protect your property if it’s damaged by a covered loss.
 

How Much Does Rental Property Insurance Cost?

According to the Insurance Information Institute (III), rental property insurance costs about 25% more on average than standard homeowners insurance policies.2 Given that the average annual homeowners insurance premium was $1,2723 in 2019, you can estimate the rental property insurance cost to be around $1,590.
 
rental home insuranceSince your rental property insurance cost is unique to you, you could have a higher or lower cost than the national average. Landlord insurance costs are typically influenced by similar factors that influence standard homeowners insurance costs, like:
 
  • Location of the rental property
  • Age of your property
  • Claims history

What Does Rental Home Insurance Cover?

Policies for rental property insurance typically cover you in situations involving:
 
  • Weather
  • Liability situations
  • Burst pipes

Weather

Weather-related events can cause significant damage to your rental property. That’s why it’s important to have rental property insurance to help you stay protected. Dwelling coverage is the part of your policy that helps pay the costs to repair or rebuild your rental unit after it’s damaged by a covered loss.
 
Keep in mind that most standard homeowners insurance policies don’t cover flood damage, so you’ll need to get a separate flood insurance policy to help protect your home if a flood occurs.
 

Liability Situations

If a tenant or visitor gets injured on your rental property, you could be found legally liable depending on the circumstances. Liability coverage, which is a recommended coverage for all rental property insurance policies, helps protect you in these situations. For example, if a renter slips and falls on icy steps, this coverage can help pay for their medical expenses or any legal fees.
 

Pipe Burst

A burst pipe can be very costly for you and your rental property. Dwelling coverage through your rental property insurance helps protect your home’s structure and its built-in features, like wiring and pipes. This coverage can help pay for costs when damage from a covered loss occurs.
 

Additional Coverages

Additional coverages you can add to your policy for more protection include:
 
  • Personal property coverage to help cover your personal belongings, like furniture and appliances that may be kept in your rental unit.
  • Other structures coverage to help protect detached structures on your property, like a detached shed, when they’re damaged by a covered loss.
  • Premises liability coverage, which helps cover costs if you are found legally liable for bodily injury or property damage on the premises.

Common Questions About Rental Property Insurance

Is Rental Property Insurance Required?

Landlord insurance isn’t required by law. However, it’s still a good idea to have this coverage. Without it, you may have to pay for repairs and legal expenses out of pocket if the unexpected happens at your unit.
 

Does Rental Property Insurance Cover Tenant Damage?

Rental property insurance can help protect against accidental tenant damage, such as if a renter accidentally starts a fire at the unit. However, landlord insurance policies typically don’t cover intentional damage or damage to a tenant’s personal property. A tenant will need their own renters insurance policy to help cover their belongings.
 

What Is the Difference Between Homeowners Insurance and Rental Property Insurance?

Homeowners insurance is for individuals who own the home they live in, while rental property insurance is for landlords who rent out their property to tenants.
 

Get a Rental House Insurance Quote

Not all insurance companies are the same, so it’s important to find a provider you can rely on to protect your rental property. At The Hartford, we help property owners get the coverage they need at a rate they can afford.
 
Our specialists are here to help you every step of the way. To speak with an agent and get a quote for rental property insurance, call 888-413-8970 today.
 
 
Last Updated: November 29, 2022
 
2 Insurance Information Institute (III), “Coverage for renting out your home”
 
3 Insurance Information Institute (III), “Facts + Statistics: Homeowners and renters insurance”
 
Additional disclosures below.
Summaries of coverages and policy features are for informational purposes only. In the event of loss, the actual terms and conditions set forth in your policy will determine your coverage.
 
AARP and its affiliates are not insurers. Paid endorsement. The Hartford pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP membership is required for Program eligibility in most states.
 
The AARP Auto Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ, MI and MN by Hartford Insurance Company of the Southeast; in CA, by Hartford Underwriters Insurance Company; in WA, by Hartford Casualty Insurance Company; in MA, by Trumbull Insurance Company; and in PA, by Nutmeg Insurance Company and Twin City Fire Insurance Company. The AARP Home Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ, MI and MN by Hartford Insurance Company of the Southeast; in CA by Property and Casualty Insurance Company of Hartford; in WA, by Trumbull Insurance Company; in MA, by Trumbull Insurance Company, Sentinel Insurance Company, Hartford Insurance Company of the Midwest, and Hartford Accident and Indemnity Company; and in PA, by Nutmeg Insurance Company. Home product is not available in all areas, including the state of FL. Savings, benefits and coverages may vary and some applicants may not qualify. The Program is currently unavailable in Canada and U.S. Territories or possessions.
 
1 In Texas, the Auto Program is underwritten by Redpoint County Mutual Insurance Company through Hartford of the Southeast General Agency, Inc. Hartford Fire Insurance Company and its affiliates are not financially responsible for insurance products underwritten and issued by Redpoint County Mutual Insurance Company. The Home Program is underwritten by Hartford Insurance Company of the Southeast.
 
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