Landlord Insurance
Types of Insurance
Glossary
Discounts
Types of Landlord Insurance
Low Landlord Insurance
For those who need to save money
Property
- Actual Cash Value
- Other Structures: 1%*
Liability
- Personal: $100,000
- Medical Payments: $1,000
Deductible
- $5,000+
- or Co-Insurance
Standard Landlord Insurance
For the average person
Property
- Actual Cash Value & Some Matching
- Water-Backup Protection
- Other Structures: 10%*
Liability
- Personal: $200,000
- Medical Payments: $2,000
Deductible
- $2,000
Premium Landlord Insurance
For those who worry or have a high net worth
Property
- Matching & Additional Replacement Cost
- Water-Backup Protection
- Other Structures: 30%*
- Personal Property
Liability
- Personal: $300,000
- Medical Payments: $5,000
- Personal Injury
Deductible
- $1,000
*Percentages are of the replacement cost of the dwelling
Glossary
Liability
Personal
Pays for property damage and injury costs to others on your property or adjacent. Pays for legal defense costs as well, if you get sued.
Medical Payments
Covers medical bills for those who are injured on your property. The difference between personal liability coverage and this, is the medical payment limit will be used before the personal limit. The personal limit may not be used at all unless the injured sues the insured.
Personal Insurance Protection
This Pays for damages to someone's name including:
- Defamation of name
- False arrest
- Libel
- Malicious prosecution
- Publication that violate's privacy
- Slander
- Wrongful conviction
Business Pursuits
Protects your home business from liability charges. Examples of home businesses could include daycare, renting on airbnb, dog sitting.
Building
Dwelling
Your home and anything attached to it. The dwelling limit is the cost to reconstruct it is the value insurance companies use for your home. This can vary greatly from the market value (how much you bought it for). The cost to reconstruct it includes electrical wiring, plumbing, and anything else needed to duplicate the structure.
Examples of attachments: Attached garage, awning, ceiling fan, towel bar, mirrors.
Other Structures
Any structures not atteched to the home. This may include a driveway, fence, and shed.
Additional Replacement Cost
This is an extra coverage you can endorse onto your policy.
Example: If your current home’s reconstruction cost is $300,000 and you had this endorsement at 25% then the insurance company would pay up to $375,000 (300,000 * (1 + 25%)).
Another additional replacement cost you can add is for ordinces & laws. Normal home insurance doesn’t cover the extra cost to build your home to code, so this is a valueable endorsement to have if you have an old unupdated home.
Matching
This applies to the roof and sides and is not normally included in home insurance. If hail hit half your roof and damaged only 1/4 of it then the matching endorsement would pay to replace the whole roof instead of just the 1/4 that was damaged.
Other
Personal Property
Property that is not attached to the building. This includes landlord furnishings and appliances (eg. refrigerator, bookcase, etc.)
Deductible
An insured will pay up to the deductible amount before the insurance company will pay any money for your policy. A deductible is usually a dollar amount (eg. $1,500) but also can be a percentage of the dwelling limit (eg. 1%- A dwelling limit set at $300,000 would make the 1% deductible $3,000). In some states you may have a seperate deductible for damages from wind and hail.
Normal Exclusions You Can Add
Water Damage
From Sewer backup to water leakage water damage can create a whole lot of problems.
Flood
Any damage from a flood or water coming in from the side walls would be covered by flood insurance.
Equipment Breakdown
This pays for the cost to replace or fix the sudden breakdown of specific equipment in the home. Equipment includes washer, dryer, dish washer, oven, water heater, refrigerator, air-conditioner, and heater.
Utility
Damages caused by utility companies are covered with this endorsement. This can include electrical, gas, and water. Different insurance carriers have different variations of this endorsement.
Earthquake
Any damages caused by an earthquake would be paid for by earthquake insurance. If an earthquake destroys your home, your home insurance would not give you any money without this endorsement.
Discounts*
- Multi Policy
- Claims-Free
- Loyalty
- Green Home
- Home Improvements
- Burglar Alarm
- Fire Alarm
- Smoke Detector
- Sprinkler System
- Smart Home
- Water Sensor
- Automatic Water Shutoff
- Low-Temperature Sensor
- Senior
- Military / Serviceman
- Married / Widowed
- HOA
- Gated Community
- Paid in Full
- Early Payment
- Automatic Payments
- Bank or Card Payments
- Paperless
*Different carriers use different discounts
Frequently Asked Questions
Do we insure people with many claims?
Yes! We have select carriers for people who have many claims or a bad record
Do we insure wood shingle roofs?
Absolutely! We typically use Safeco and Encompass for these roofs.
Do we insure home sharing or home renting?
Of Course! If you rent out your home or part of your home with Airbnb, HomeAway or some other service we got you covered.
What payment methods do we accept?
Payments through a mortgage, direct billing through mail, EFT (Bank Account), debit and credit cards.
How can I file a claim?
We strongly recommend calling us before the insurance carrier directly about a claim. You may not want to file a claim depending on your insurance plan and we will assist you in filling a claim the best way to make sure you take the least amount of damage possible to your insurance score. After talking with us, you can call the insurance carrier or let us call them for you.
If you can’t find your answer here, please don’t hesitate to ask a representative through our messaging system or email