Landlord’s property coverage: Although your rental property insurance policy doesn’t cover your tenant’s personal belongings, it will cover your belongings that may be on the property and receive damage due to a covered peril.This coverage helps protect you from those unexpected costs.

Liability coverage: If someone visiting your tenant gets injured by something on the property that you’re responsible for, you could be liable for legal fees and medical costs if they sue you.

Other structures coverage: This coverage is usually equal to around 10% of your dwelling coverage limit, and it pays for repairs or replacements to buildings or structures that aren’t considered part of the main dwelling, such as a fence, detached garage, in-ground swimming pool, storage shed or gazebo.

This limit is usually equal to the estimated value of the home, since it pays for its replacement after it’s damaged or destroyed. It pays up to a certain limit that you agree to when signing up for the policy.

Dwelling coverage: This covers damage to the dwelling and structure of the building after an unexpected event, such as a storm or fire.

Here are more details about the primary coverages found in landlord insurance policies: Then, your tenants will purchase their own renters insurance policy to complement your policy, covering their own personal belongings and liability. If you own an investment property and plan to have tenants living in it long term, you’ll purchase a landlord insurance policy, rather than a homeowners insurance policy. Although similar in many ways, rental property insurance and home insurance are different insurance products.

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