Landlord Liability and Rental Property Insurance

Real estate investments can be lucrative. However, like all business ventures, rental investments need to be properly insured. 

As a landlord, you face a number of unique liability risks. In order to protect yourself against lawsuits, you need a landlord liability policy. This coverage can protect you against serious loss in the event of:

• Personal injury suits
• Wrongful entry charges
• Wrongful eviction suits
• Slander and libel accusations

Additionally, if you hire contractors or maintain staff to work on your rental property, you may wish to consider surety bonds and workers compensation coverage. Insurance requirements and product availability vary by state.

Rental Property Insurance

Although your tenants should carry renters insurance to protect against damage to your property by them or their guests, you also need to have rental property insurance on your buildings. These coverages may include:

• Insurance policies for single-family homes, duplexes, and apartment buildings
• Coverage for outbuildings, pools, sheds, and other property
• Business personal property coverage
• Data storage protection and cyber liability insurance
• Commercial vehicle coverage for cars and trucks used for business as well as golf carts, riding mowers, and other motorized machinery
• Coverage for vacant dwellings