Landlord insurance policies usually encompass the following key coverage areas:
Property Protection (often referred to as "Dwelling" coverage):
- Fire, lightning, or explosion damage within the property (covered in DP1, DP2, and DP3 policies)
- Vandalism (covered in DP2 and DP3 policies)
Liability Protection (often including "Premises Liability" and possibly "Medical Payments"):
- Legal, medical, or settlement expenses in case of injuries on the property (covered in DP2 and DP3 policies)
Additional Coverages:
- Other Structures: Coverage for additional structures and buildings (like fences, sheds, unattached garages, etc.) if they are damaged or destroyed
- Loss of Rents or Fair Rental Value Coverage: If your property becomes uninhabitable due to a hazard such as fire, this coverage helps replace your lost rental income
- Windstorm or Hail: Assistance in covering repair costs in case of natural disasters like wind or hail damage to your property
- Personal Contents or Personal Property: Coverage protecting your personal belongings within a property in the event of damage or destruction (e.g., furniture, art, stored items, etc.). Tenants typically require Renter’s Insurance for their personal property within the rental.
- Additional Living Expenses: If your property becomes uninhabitable due to a hazard like a fire, this coverage helps pay for relocating the property’s inhabitants until the property can be inhabited again
- Vehicles: Coverage for damage caused by a vehicle
- Aircraft: Coverage for damage caused by an aircraft
- Smoke: Coverage for damage caused by smoke
- Water/Sewer Backup: Coverage for damage caused by water or sewer backups (such as clogged sewer lines, failed sump pumps, backed-up drains, etc.). It often includes coverage for mold damage resulting from water or sewer backups.
- Extended Replacement Cost: This adds an additional percentage (typically between 10 percent and 25 percent) to your standard replacement cost coverage for your property. This means that, in the event you need to replace your property due to a disaster, you’ll receive the dwelling coverage limit PLUS that extra percentage.
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