Rental Property Insurance

Your rental property is a form of extra income, and sometimes, it’s part of your retirement plan. It’s a financial interest that deserves to be protected. Rental insurance helps protect you, the landlord, from financial losses due to structural damage or other issues concerning your rental property.

MA and New England rental insurance policies include:

1. Rental dwelling insurance covers property damage, injury, and liability claims.
2. Rental condo unit owners insurance covers your property, furnishings, and liability.
3. Insurance for landlords references apartment owners and offers customized coverage.

Rental insurance also includes loss of rental income resulting from covered claims.

Landlords are able to add additional coverage and customize their rental insurance policy to account for other possible financial threats. This includes loss of rent and medical expenses.

Landlord vs Homeowner

Landlords and homeowners both own and maintain personal property. When a property is your main residence, opting for homeowners insurance will protect your property and belongings. If, on the other hand, you rent out the said property, rental insurance allows for the perfect amount of coverage.

Don’t risk managing your rental without the proper coverage in place. Avoid the potential financial strain. Our experts will help you to determine the right insurance for your rental dwelling.

Short-term rentals

Short-term rentals like Airbnb need a form of rental insurance as well. In this case, it’s suggested that home-sharing coverage be added to your homeowners insurance. This would mean that your vacation rental is covered should damage or loss occur during home-sharing activities. 

You’ve invested extra funds to accommodate guests, now protect it with extra home-sharing coverage.

Liability coverage

If you maintain a rental property, having liability insurance in place adds a layer of security to your rental insurance policy. Insurance for landlords normally includes liability. To ensure you’re covered in the case of larger claims, such as a lawsuit, try customizing an umbrella insurance policy.

Adding additional coverage for your rental property helps protect you from unnecessary costs.

What does rental property insurance cover?

Rental insurance policies include coverage for both the building and your personal property—household appliances or furnishings that remain at your rental property. Most insurers will also cover structures outside the home. This includes structures like detached garages and backyard sheds.

Scaling your Other Structures Coverage to fit your current situation can save you time and money. It’s the exact coverage you need to grow into the next stage at the right price.

How much rental property insurance do I need?

The amount of coverage you need for your rental property is determined by its location, square footage, structural features, the cost to build or replace it, and the number of possible tenants. If you’ve included furnishings and/or appliances in your rental agreement, you may need additional coverage added to your policy. Our insurance reps can help you to discover your best-fit rental property insurance.

Where do I get started?

Downey Insurance Group aims to ensure landlords have the protection they need to run a safe rental property. We go over options, compare each against their budget, and land on a scalable insurance policy that both serve as a foundation and will allow for growth.

Contact Downey Insurance Group and insure your rental property today!