What is landlord insurance?
Owning and renting out a property can be a smart investment and a great experience. By taking some steps to make sure you’re covered if something goes wrong, you can focus more on keeping your property in great shape and less on the unexpected challenges. With an Allstate® landlord policy, you’ll get protection from unforeseen repair bills, possible loss of rent and even the cost of rebuilding your property if there’s damage from a natural disaster. In other words, you’ll have the peace of mind when you welcome your tenants to the place they’ll call home.
What poses a risk to your properties?
See which kinds of claims are being filed nearby with Allstate's Common & Costly tool.
How much does landlord insurance from Allstate cost?
Many factors, such as the types of protection and the coverage limits you choose, can impact the cost of your coverage. Review your options so you can choose the types and amounts of coverage that best fit your needs. A multi-policy discount could help lower the cost of your monthly premium if you bundle your landlord policy with another Allstate policy, such as home or auto.
How to compare landlord insurance quotes
If you're gathering quotes from several companies, make sure you choose the same coverage types, limits and deductibles for an accurate comparison.
- Review coverage types included in a standard policy, as well as optional coverages you want to add.
- Think about your personal finances and needs when choosing your coverage limits.
- Some landlord coverages come with a deductible, or the amount you pay toward a claim. For an accurate comparison, be sure to select the same deductible on each coverage for every quote you request.
Landlord insurance FAQs
Although landlord insurance is not required by law, there are a few reasons why it’s a good idea to consider it:
- If you have a mortgage on the property you’re renting out, your lending company may require you to have a certain amount of coverage.
- Potential tenants may request proof of landlord insurance before signing a lease.
Landlord insurance typically includes dwelling coverage, which helps protect against sudden and accidental damage to your rental property. This includes accidental damage caused by one of your tenants. Keep in mind, though, you will likely need to pay your deductible before your insurance benefits kick in. Plus, your policy will typically only cover losses up to a certain amount, so it’s important to know your coverage limits and adjust them as needed.
Typically, landlord insurance does not cover floods and water (sewer) backups. Flood insurance is a separate policy you can buy for additional coverage, which your Allstate agent can help you with.
In most cases landlord insurance doesn’t cover maintenance-related issues and equipment breakdowns, such as a washing machines wearing out due to natural wear and tear. Intentional damage like vandalism is also not covered. For example, the dwelling coverage in your policy may help pay to repair damage caused by a tenant moving furniture, but it probably won’t cover cleanup costs if a dissatisfied tenant spray-paints the walls.