What type of insurance do landlords need?
Landlords and tenants both need insurance. Landlords need a policy that protects the structure from fire and other major perils, and protects the landlord from liability and associated legal costs. Commercial and package policies also protect against unexpected loss of rental income. Tenants need a rental policy to protect their belongings.TypesInsurance for privately owned buildings is broken down into two major types: dwelling policies that protect the structure only and homeowner policies that protect the structure and its contents. Because a policyholder must live in the structure to qualify for a homeowner policy, landlords must purchase a dwelling policy that covers the structure only.Liability Insurance for LandlordsLandlords also need liability insurance to protect them in the event that a tenant or visitor is injured while on the property, and to help pay for legal costs associated with liability lawsuits. Liability insurance pays for injuries that people sustain while on the
