When it comes to rental property, dedicated coverage for protection against landlord interests is needed. An agent’s knowledge of the protections available is critical in order to offer guidance to residential rental real estate clients.
Rental dwelling insurance is coverage specifically designed with landlords in mind, and covers personal liability in the event of an injury or loss of life on the leased premises. Landlords can also have peace of mind when it comes to their rental income, because they can opt to add coverage that replaces lost rental income if a covered loss renders the property unfit to rent until it is repaired or rebuilt.
Often referred to as landlord insurance, rental dwelling insurance policies can include coverage for vandalism or options such as theft of the landlord's property onsite, sewer and drain backup, and even coverage for tenant relocation and additional living expenses in the event a covered loss results in tenants having to find alternate housing. Agents who insure rental properties should download our free tip sheet to be sure the right considerations have been made.
What to look for in a rental dwelling insurance product
As an agent looking for a solution to clients' residential rental dwelling insurance needs, products should provide:
Rent is a source of revenue for landlord clients – and this protection is important to safeguard against varied losses. Tenant occupancy means an additional layer of consideration beyond what a standard homeowner’s policy will cover. When occupancy changes, the dynamics of loss exposures can shift significantly. It’s important to have a provider who understands the risks and is committed to the property insurance market, even when tenant occupancy shifts temporarily to a vacant dwelling.
Educating residential landlord clients about the specific benefits of rental dwelling coverage is necessary to help avoid losses assumed to be covered by a homeowner's policy – but simply are not.
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