The insurance policy which is responsible for covering financial losses of a rental property is known as landlord insurance. Renting a property is a good option for investment as well as income and is required to be protected. Homeowners, those need to protect their rental properties from any loss, the landlord insurance is a great option. This is more complicated than the regular home insurance since home insurance policies are not for covering the rental properties, and they can’t consider the landlord’s risks. There are two types of landlord insurances, buy-to-let insurance which covers a single property and multi-property insurance which covers multiple properties.

This policy is responsible for covering the complete building along with the landlord’s other contents used by tenants, but it does not cover the property that belongs to the tenant. The complete building cover normally includes the risks like an earthquake, fire, storm, flood, explosion, criminal damage, an escape of water/oil and theft. Different landlord policies have different rules for covering, apart from the above-mentioned policies, some policies carry extra coverings. A significant landlord insurance includes following coverage:

Accidental damage to of the property: If there is any unexpected damage to the property caused by natural disasters like earthquake, floods, fires, and storms, then the insurance company will pay for this. Consider a policy that has the role of offering replacement cost or replacement value.

Loss of income: If the property is not suitable for residential use temporarily, then the insurance offers temporary reimbursement for the loss.

Repairing cost of damage: A partial damage to the property due to some household damages which requires repair is also a part of the landlord insurance. This repairing cost is incurred by the insurance company.

Legal protection: This insurance coverage includes the legal cost if the tenant or others get injured inside the property due to some maintenance issues.

While renting your own home, there is always a risk, and a reliable landlord insurance provides peace of mind. If someone is deciding to rent out a home, whether it is a single building or multiple houses, you need to check out a landlord insurance. Homeowner insurance is not enough for a rented property, with some additional cost, one can easily get a landlord insurance. If you are buying a property for rent purpose with a buy-to-let mortgage, the lender may also describe the necessity of the landlord insurance for the same. The cost of a landlord insurance is 15% to 20% higher than regular home insurance. The average yearly cost of home insurance $822, in current years. Policies may differ in cost and coverings. While choosing a landlord insurance, it is important to confirm whether it is covering your all requirements or not.

Listed below are some significant landlord insurance examples:

Trusted Choice Landlord Insurance is an honest policy offered by Trusted Choice, a well-established independent insurance agent in the United States. Trusted Choice has the option of customization; their agents help to get all important aspects of the policy. The company includes two basic coverages in a landlord insurance,
Any structural damage to the building – Covers rental home or the complex, walls, garages, fences, swimming pool, gardening and maintaining tools associated with the property maintenance.
Coverage for the general liabilities, includes any injury or accident occurs on the rental properties due to some maintenance issues of the same.
For furnished homes or apartments, content coverage is available at extra cost. If basic coverages are not enough, some additional coverages can be considered – Rental loss coverage, Legal fees coverage, Coverages for additional rental business, Additional natural disaster coverage, Umbrella Liability and Workers Compensation.
The minimum monthly cost of Trusted Choice’s landlord insurance is $50 for required liability coverage, but it may vary depending on the number of properties assigned for the insurance and other various factors.

Allstate Landlord Insurance is another option of protecting a rental property, and this insurance policy is offered by Allstate Corporation, the second largest personal insurance company in the United States. Allstate’s agents are always there to clear all confusions; you can get a landlord insurance quote from them to take proper coverage decisions.

Following coverages are included in Allstate Landlord Insurance:

• Dwelling protection, it covers the complete rental property along with the deck.
• Liability Coverage.
• Fair rental income coverage, it includes 12 months reimbursement procedure, if the rental property becomes uninhabitable.
• Other structural protection, this includes garages, sheds and additional structures which are not attached to the rental property.
• Premises medical protection, covering of necessary medical expenses if someone gets any accidental injury on the rental property.
• Vandalism coverage
• Burglary coverage
• Building code
• Rental property under construction

Few requirements are not covered by Allstate Landlord Insurance, in this situation, two additional policies are there to consider –

• Flood insurance covers the damage to the rental property caused by a flood. Another form of insurance is the Personal Umbrella Insurance; it provides extra liability coverage when the landlord has multiple rental properties.
• The company has a discount policy, Multi-Policy discount. If someone is considering opting for two or more policies together, then the company will provide a discount on the monthly premium.
• Apart from the above two, some other significant options of landlord insurance are available in the market – Liberty Mutual Landlord Insurance, MetLife Landlord Insurance, Safeco Landlord Insurance, State Farm Landlord Insurance and USAA rental property insurance.

Most of the companies have the option of providing free landlord insurance quotes, by collecting these quotes from different companies one can consider an affordable landlord policy for own requirements. Costly policies are not always good; sometimes cheap insurance policies are also well enough to protect the valuable rental property of an owner.