No, landowner protection doesn’t safeguard tenants’ very own property. They are required to purchase their own renters insurance.
It is recommended that you, as a landlord, request that your tenants have their own liability insurance.
Depending on the circumstances and the company from which you decide to purchase your rental property insurance coverage, the cost of landlord insurance can be as much as 20% higher than the average cost of home insurance.
Your insurance company will determine the premium based on the increased risks.
There is no such thing as a “flat rate,” as each circumstance will be unique and may cost more or less.
When you rent out your home, landlord insurance is not only a good idea but also a necessity.
Inform your insurance company if you are using your home for anything other than your primary residence. In the event that you don’t, you may not get compensated in a case.
Always discuss your situation with a licensed insurance broker to learn more about your options and the coverages you need.
