How to Bargain for the Lowest Landlord Insurance Cost

Liability Coverage

Liability coverage comes to the rescue when you get sued for damage to other people’s property or for the bodily injury of a tenant. It protects you against prospective lawsuits and liability claims. For example, Renegade Insurance‘s liability insurance amount ranges from $100K to $500k, and the coverage amount depends on the size of the house. 

Insurers commonly provide the above-described coverage. Your insurance provider may also offer other forms of security as optional endorsements or core policies. Though add-on options might vary, here are some additional policies you might want to consider:

Building Code Coverage

If you own an older building or have yet to bring it up to code, building code coverage can save your bacon. Without the coverage, you would have to pay for all the repairs out of pocket. 

Flood Insurance

A landlord policy typically doesn’t cover flood damage. If you live in a high flood–risk area, you should consider buying a flood insurance add-on. It will cover the expenses of repairing or conducting maintenance on the property. 

Earthquake Insurance

A standard landlord policy does not include earthquake insurance. If you reside in a high-risk earthquake state like Alaska or Hawaii, you should consider purchasing additional earthquake insurance.  

Non-Occupancy Dwelling Coverage

If your rental property has been vacant for more than 30 days, your insurance company might not cover any claims for the property. With non-occupancy dwelling coverage, it will help you extend your coverage for that time. 

Emergency Coverage

You guessed it, this offers you protection in the event of an emergency. It’s for times when your tenant calls you to fix a broken pipe that’s gushing water, or they accidentally got locked out of their house or apartment. This added feature will cover some parts of the cost you incurred to travel to the property and fix the problem.