If you own a home or apartment and are renting it out, you have special insurance coverage needs that standard home and condo insurance will not provide. The coverage you need is found in a landlord insurance policy.
- Property insurance - covers your building or condo
- Liability insurance – increased limits to cover bodily injury, property damage or personal and advertising injury.
- Business personal property – although your rental property may be unfurnished, this provides coverage for kitchen appliances and other property belonging to you.
- Rental income protection – if your tenant must vacate the property due to a covered loss, you policy will cover the lost rents during repairs.
Your agent can provide more information on the coverages and optional endorsements available to you.