Landlord, Investment Property Insurance or Rental Liability Insurance: What are my choices, and what are the issues in finding the right policy for me?

Landlord insurance, instead it is a single-family location, or a multi-family location, all the way up to 100 units/doors in a garden-style complex, most have the same major insurance questions to answer.

  1. How much to insure the building/structures for?
  2. What type of coverage am I purchasing?
  3. Tenant/renter liability coverage, how much is enough?
  4. Loss of rent coverage, is it included or available?
  5. Loss of use coverage, what is it for me, the property owner, or does it protect the tenant?
  6. Does the property’s ownership form impact the type of insurance I need to purchase? S-Corp, C-Corp, LLC, Partnership, Trust Ownership, or individually owned. 
  7. What deducible should I have on the property?
  8. What if I rent to students?
  9. Are claims from students excluded?
  10. Can I rent one unit and renovate another unit and still have my coverage applied to both the building and the renter’s liability?

Starting with the property insured value, we can explain a flat insurance limit of coverage versus Replacement Cost coverage vs ACV (actual cash value).  Our goal is for you, the client, to understand your choices and choose yourself what coverage you wish to have.  Some people choose only to insure the building for what they paid for the coverage; this approach is their choice. However, it can leave out essential considerations like clean-up costs after a fire, where or how does that get paid for?

Replacement Cost insurance is more complex than it sounds. Due to specific co-insurance requirements, your policy may say ‘REPLACEMENT COST’; however, you may have a colossal co-insurance issue and NOT receive the claim payment you expect. See blog posts/videos on this topic LINK or the  Video link . Your best option is to speak with a real person here at our office. Just give a call or text to us; we are happy to help. Get a landlord investment property quote here!

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