Most standard landlord insurance policies include the following coverage categories:
Property Protection (often called “Dwelling” coverage):
- Fire, lightning, or explosion within the property (covered in DP1, DP2, and DP3 policies)
- Vandalism (covered in DP2 and DP3 policies)
Liability Protection (often called “Premises Liability” and may include “Medical Payments” as well):
- Legal, medical, or settlement expense in the event of injury on the property (covered in DP2 and DP3 policies)
Additional Coverages:
- Other Structures - coverage for additional structures and buildings (such as 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 - if natural disasters like wind or hail damage your property, this coverage helps to cover repair costs
- Personal Contents or Personal Property - coverage protecting your personal belongings within a property in the event of damage or destruction (such as furniture, art, stored items, etc.). A tenant would need Renter’s Insurance to protect their personal property within the rental.
- Additional Living Expenses - if your property is uninhabitable due to a hazard such as a fire, this coverage helps to cover the cost of relocating the property’s inhabitants until the property can be inhabited again
- Vehicles - in the event of damage from a vehicle, this helps to cover the cost of property repair
- Aircraft - in the event of damage from an aircraft, this helps to cover the cost of property repair
- Smoke - in the event of damage from smoke, this helps to cover the cost of property repair
- Water/Sewer Backup - in the event of water or sewer backups (like a clogged sewer line, failed sump pump, backed up drains, etc.), this helps to cover the cost of property repair. It also often includes coverage for mold damage caused by a water or sewer backup.
- Extended Replacement Cost - this adds an additional percentage (typically between 10 percent and 25 percent) over 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.
Start your quote here: https://www.azibo.com/insurance/