A regular home insurance does not give you the cover that you require for a rental property. You require cheap landlord insurance because the homeowner and the landlord face different problems. For a rental property, you need to secure the property, as well as the landlord and any claims. It can also be used to cover many properties.

All properties differ in one way or another, and each should have coverage that is specific to that property. An agent is the best source to get insurance quotes and all the information to get proper coverage.

Basic coverage

Cheap landlord insurance will help the homeowners/landlords and cover the basic structure –building –single, duplex, triplex, multiple floors; sheds, garage, fences, retaining wall, pools, gardens, maintenance tools from natural calamities to malicious acts. It also covers injuries/accidents to those on the premises if it is deemed to be due to your negligence.

There is just one difference between home insurance and landlord insurance [you do not need to maybe belonging, jewelry and clothes]. Tenants are responsible for that; personal property only includes tools and items for property maintenance.

But if you are renting a house that is furnished only then you will have to take coverage of the belongings too.

Additional coverage

A landlord usually faces regular problems, but there is additional coverage you need to look at –

• Legal fees: Cheap landlord insurance is necessary if a claim has been filed and there are other costs that occur which can put you out of business. The liability coverage is meant you help you to cover litigation cost.
• Rent loss: If the building you have given for rent is damaged due to natural calamities, fire, or damage by a tenant. This cover will help you replace the rent income. The cover works along with any damage claim that makes the property uninhabitable. Loss of income will determine the premium for the cover. Rental insurance, allows you to collect the rent amount of the property for a length of time if you are unable to do so because of repairs or a disaster.
• Inflation protection: Cost of repairing is increasing every day, and with the Inflation Protection Cover the insurer will automatically adjust your policy limits with the inflation.
• Personal injury protection: If there is any claim against you for injuries due to may be libel, invasion of privacy, wrongful eviction /entry, or slander.
• Rental business insurance: This helps cover business fraud in case you have an office and staff that handle your books, accounting, records and important documents.
• Umbrella liability: This insurance exists because even with the best of intention and following the best practices, injuries happen. This policy covers a broader liability for unforeseen bodily injuries, damage to property and legal claims.
• Compensation for workers: This is for the staff that maintains the grounds; you may have to compensate them if there is an emergency.
• Natural disaster: Check your policy for what type of natural disasters it covers for which you require additional coverage. These include tornadoes, hurricanes, earthquakes, even riots. You may not want one in California but is necessary for Kansas. This is an add-on policy that you have to ask for even if you have everything included in the cheap landlord insurance.
• Water/Flood coverage: This is an extra policy added to the basic policy. It helps cover any water damage to the structure [inside/outside] these include pipes, water heaters, sewer backups etc. The US government regulates the price and the cost is the same from any insurer.
• Guaranteed replacement cost: The basic type of policy coverage protects you from any structural damage costs to your property. This can involve anything regarding the building, fittings, wires, plumbing, gas, appliances, blinds, fixtures, etc. But you should go in for Guaranteed Replacement Cost coverage this will pay you to replace/rebuild anything damaged even if the amount is more than your insurance.
• Personal property (Contents): This is important if you are renting out a furnished home, but many landlords add on this policy even if they just rent out an empty unit. These include damage to the contents of the home – carpets, light, furniture, curtains etc.
• Lower insurance rates: Compare quotes of various companies and the options available to them. Adding property enhancement like fire sprinklers helps reduce the prices. Instead of cutting the coverage, it is better to ask for the higher deductible; this will lower the premium and keep under protection. Get your agent to bundle multiple policies which will help reduce your premiums. Not all follow this system of bundling policies with personal policies. Maintain your property well to avoid risk to those who rent it. This will help prevent undue claims. You may also get a discount if you are going in for multiple insurances like for car and property. If your current policy has not expired and you are shopping for another then you maybe eligible for an early shopper discount. You may get a discount if your property is not more than 13 years old or recently renovated.

Additional Benefits

Depending on the insurance coverage provider even if you have cheap landlord insurance they may offer additional benefits like Emergency Repair Service, 24-Hour Claims, Network Referral, Convenient Payment Options and Going paperless [bills and documents]. You may get an insurance policy that may cover over ten properties.

If you are moving homes and do not wish to sell the property, you can give it out on rent and in that case inform the insurance giver of the change from home owner to the landlord and the information that you will not be occupying the main/primary residence. The insurer changes the policy according to your needs giving you cheap landlord insurance covering the property.