If you are a landlord or looking to become one, you may need specific insurance to cover your risks. Landlords face unique risks when it comes to housing multiple individuals and families on their rental property that normal insurance may not cover. 

This insurance isn’t typically required by state or federal law, but it is crucial if you want to protect your operations as a landlord. 

What Does Landlord Insurance Cover? 
Landlord insurance is designed to cover: 

Dwelling Coverage 
Dwelling coverage provides compensation for damages to the physical rental property, whether it be a home or apartment complex. If a storm sweeps in and damages your rental property, dwelling coverage can provide compensation. The same applies for damages inside the property. Many people mistakenly believe that renters insurance will cover damages to an apartment unit. On the contrary, renters insurance only covers the renter’s personal property. If a renter accidentally starts a fire in their apartment, the landlord may be responsible for covering damages to the physical unit. 

Liability Insurance 
Liability insurance protects you in case of a claim regarding bodily injury or property damage that may occur on your rental property. Say a prospective renter falls down the steps after viewing an apartment and breaks their ankle. Liability insurance can help cover their medical bills and protect you from a related lawsuit. As another example, say a renter accuses one of your staff of breaking an expensive set of dishes during a service call. Liability insurance can help compensate the renter and protect you in case they decide to file a claim for their losses. 

Personal Property 
You can also add coverage for damages to or loss of personal items you may keep on the rental property, such as a lawn mower. If you use personal equipment or items to maintain the rental property, you can use landlord insurance to file a claim and receive compensation. 

Other Structures 
Other structures coverage is similar to dwelling coverage except, instead of covering the actual rental property, it covers other structures such as fences, detached garages and more. If these structures are damaged, you can file a claim to help repair them. 

Shop around and compare quotes in order to find the right landlord insurance for your needs. Whether you are renting out an apartment complex or a single home, you will need landlord insurance for protection.