Landlord insurance typically covers loss of rental income when your property becomes uninhabitable due to a covered event—like a fire, storm damage, or water damage from a burst pipe. This coverage, often called loss of use or business income, helps replace your rental income while the property is being repaired. It does not cover income loss due to tenant non-payment, eviction delays, or market conditions. Always review your policy to confirm the specific perils covered and the length of coverage available.

Yes, if you have tenants, you need landlord insurance, which is different from standard homeowners insurance. Homeowners insurance is designed for owner-occupied properties and typically won’t cover damages or liability related to tenant use. Landlord insurance provides coverage for the building, liability, and optional protections like loss of rental income and legal fees arising from tenant-related claims.

You should require tenants to carry renters insurance with liability coverage, and you should ask to be listed as an additional insured on their policy. This ensures their insurance responds first in case of damage or injury caused by the tenant. Their policy should also include personal property coverage, which protects their belongings (your landlord policy does not cover tenant property).

It depends. Landlord insurance typically covers accidental damage from tenants, such as a fire or water damage caused by a malfunctioning appliance. However, it usually does not cover intentional damage or neglect by tenants. To protect yourself, consider adding a tenant damage rider or vandalism endorsement, and always collect a security deposit as a first line of defense.

Most landlord policies include landlord liability insurance, which protects you if a tenant or visitor is injured on your property and sues for damages. It can cover legal fees, medical costs, and settlements. For added protection, many landlords also purchase an umbrella policy, which provides higher liability limits above your base policy. This is especially recommended if you own multiple properties or have significant assets to protect.