Protect your Rental Investment

It is important to have the right coverage.

Complete coverage with competitive pricing

A landlord policy is important because it protects you from financial loss resulting from accidents, natural disasters, injuries and other liability issues associated with your rental property. 

 

Burns Insurance can compare prices for you, explain the insurance coverage options available, and look for landlord insurance discounts you may qualify for to make your coverage affordable.

Having a landlord policy is important because it protects you from financial loss resulting from accidents, natural disasters, injuries and other liability issues associated with your rental property. It also provides reimbursement for loss of rental income and can cover the replacement of a rental property structure.

Depending on the insurance company we choose for you to partner with and the options you choose, your policy may consist of some or all of these types of insurance:

Property damage: This covers damage to your buildings (Dwelling) and personal property due to fire, storm damage, theft, vandalism and tenant damage. Ideally, your landlord insurance will cover the replacement costs for your entire rental property in the event of a total loss.

Liability insurance: This coverage protects you against liability claims and lawsuits. Whether a tenant, visitor or even a trespasser is injured on your rental property, you could find yourself in a legal mess. Your liability insurance will help you cover the costs associated with bodily injury claims on your property. These costs can include: 

  • Medical payments 
  • Funeral costs
  • Legal fees and judgment
  • Settlement costs. 

You will also be covered if you, as the landlord, are found responsible for another person’s property damage. For example, if you neglect to fix a leaking water pipe and mold damage destroys a tenant’s expensive collection of vintage albums, a liability claim can be filed against you by the tenant.

Loss of income: This insurance will help compensate you for lost income in the event that a rental property becomes uninhabitable due to a covered loss, such as a storm or apartment fire. Your loss of income coverage, or “rental reimbursement,” will prevent you from losing the income you would have had if you were collecting rent.

Optional coverage: As a landlord, you can buy landlord contents insurance to cover your personal property items such as furnishings.

Yes, the insurance premiums for your rental property can be deducted as a business expense.

Yes. Although there is no federal or state law requiring tenants to have renters insurance, as a landlord you can require this as part of the rental agreement.  A landlord can also require that a tenant have a specific amount of insurance, provide proof of coverage and require that the tenant maintain the policy for the duration of a lease.

Your geographic location and any known risks in the area

The size of the structure

How many rental units you have

The age and condition of the building

Whether your electrical wiring is up to current code

Whether you allow smokers to rent from you

Whether your complex has a swimming pool

The type and amount of coverage you are purchasing

Whether you have fire sprinklers installed in your rental units

Whether the complex has gated access

Whether you have burglar alarms

Yes. If you want to read more about the usefulness of a landlord policy from an unbiased source take a look at the article "8 Reasons Why You Need Landlord Insurance"