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Ask an Agent: What is Landlord Insurance?

Published: July 2016

A landlord insurance policy generally contains coverages to help protect you and a property you own and rent out to tenants. Typically, landlord policies include dwelling coverage, which may help protect the actual building you own, and fair rental income protection, which may help replace your rental income in certain situations.

Allstate agent Andrew McCabe tells the story of one customer whose rental property was damaged by a fire. His tenants had to move out while the damage was repaired. Watch Andrew explain how landlord insurance helped this landlord pay for the losses caused by the fire.

Video Transcript

(Voiceover): Hi, I'm Andrew McCabe, and I'm an Allstate agency owner in Milwaukee, Wisconsin. I'm here to talk about landlord insurance.

A landlord insurance policy usually contains coverages to help protect you and the property that you own and rent out to tenants.

For instance, dwelling coverage may help protect your rental property against damage from certain causes. Then there's fair rental income protection. If your tenants unexpectedly have to move out of your property due to a covered loss, this coverage may help replace the rental income you may otherwise lose.

There was this one customer who owned a two-story duplex with one apartment on each floor.

One day a fire started in the garage of the home next door and spread to the duplex.

There was some smoke damage on the lower floor of the duplex. But the second floor was a lot worse. The ceiling and walls were badly damaged by the fire. Luckily, no one was hurt.

The damage was so bad it took a few months to fix everything. What was worse, the second-floor tenants couldn't stay in their apartment while the building was being repaired.

The landlord's dwelling coverage helped pay for the repairs to the building. Fair rental income coverage helped pay for the rent he lost from the upstairs tenants, while they couldn't live in their apartment.

In total, the repairs to the building cost $39,000, and he lost just over $3,800 in rent. But he paid his deductible, which was $1,000, and his insurance coverage limits were high enough to pay for the rest.

Without landlord insurance, not only would he have had to pay out of pocket for the repairs, he would have lost rental income. That could have seriously hurt him financially.

Having A Dedicated Agent Can Make All The Difference.

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Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2016 Allstate Insurance Company, Northbrook, IL.

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