Rental property insurance is a specialty home insurance policy for the property owner rather than the tenant. It’s similar to a homeowners policy but is designed to account for the differing risks that you face when you rent a property rather than live in it yourself.
In addition to damage to the building itself and your personal property (such as included appliances or furniture), rental property insurance often covers lost income if property damage means you can’t rent it out for a period. The policy will also often include coverage for liability you might face if a tenant sues over an injury suffered in the property.
One point to watch is the fact that policies usually don’t cover loss of income if a tenant fails to make rent payments or the costs of evicting a tenant if necessary.
If you’ve got any questions on rental property insurance or want to find the best policy, contact us today.