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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Landlord renters insurance is a type of renters coverage offered to landlords. This type of insurance serves to protect landlords during instances where they are unable to use their property to earn an income. Regardless of whether you are renting out one house or are renting out several apartment units, you want to be sure that you are protected from unforeseen events that you cannot control.

Landlord Renters Protection Quotes

If you are a landlord then you most likely rely on your monthly rent checks from your tenants. If something does happen and you are unable to rent out the house, then you could be missing out of anywhere from hundreds to thousands of dollars each month. In contrast to college renters insurance, most landlords rely on this income on a weekly basis. In some instances, you may be paying off your mortgage with the rent checks. This may be your first or your second income. All of a sudden you are unable to pay for the groceries, the phone bill or pay off the car loan. With landlord renters insurance, even if you are unable to rent out your apartment, you are still getting a regular income from your rental property for a certain period of time. This can insure that your life remains in control while you focus on getting your rental property up and running again.

How Landlord Renters Coverage Works

The amount of insurance you choose will depend on a number of factors. Ask yourself the following questions when considering the right policy for your needs: Where are you renting? Are you renting in a seedy part of town? Are you renting in a state that experiences hurricanes, tornadoes, earthquakes or other disasters? Who are you renting to? Are you renting a student house or are renting to a young professional couple? Are you renting to a senior citizen or to a family with three kids and three dogs? How many homes are you renting? Are you renting just one house or are you in charge for several different homes across the city?

In some instances, renters insurance may be limited to certain disaster or to damage only in the interior of the house. Comprehensive landlord renters insurance will usually provide a bundling package that includes a number of different coverage options while peril policies general cover only fewer types of damage.

One of the ways landlord renters insurance can protect you if from legal disputes between a landlord and a tenant. Although no one rents to a tenant thinking that the relationship might end in a legal battle, it does happen. You instill a lot of trust in the person you rent your townhouse to and if this trust is broken by either party, then a lawsuit may ensue. If this is the case, then you are probably under enough stress without the added expenses of hiring a lawyer, attending a court hearing, etc.

Furthermore, landlord renters insurance will also pay for any compensation for property damage. If the tenant has trashed the condo, then you could not only be looking at several thousands of out of pocket expenses for repair but also several thousands of dollars in a loss of rent for the months or weeks it takes to fix the place up. With landlord renters insurance, you provide will pay for these repairs as well as the loss in rent collected during the rebuilding. This type of insurance comes into effect in the event of any negligence from the tenants. Furthermore, many plans also include renters coverage in the event of a natural disaster, storm, fire, water damage or any other accidental emergency that renders your rental property damaged.

Landlord Insurance Policy Comparison

Landlord renters insurance usually has two different methods of property loss value -actual cash value and replacement value. If you are looking for a lowest premium, then an actual cash value plan may be suited for you. This type of coverage ensures that you receive compensation only after depreciation is subtracted from the current value of the property. If you do not want to worry about the depreciation value, then replacement value may be a better option for you which will replace all the necessary costs without worrying about the depreciation. You will get a higher coverage amount but you can also expect a higher annual premium.

Landlord renters insurance is one of the easiest and most effective ways to protect your rental home and your monthly income. However, keep in mind that landlord renters insurance is meant for the landlord, not the tenant or the renter. If you are renting out any house, condominium, townhouse, loft or apartment, then be sure to also remind your tenants about purchasing tenant renters insurance for their own belongings and safety.