Landlord Insurance

Customized Landlord Insurance 

Looking for landlord insurance to secure your rental property’s protection as you live your life? Speak to James Inwood about your options! Whether you run an apartment complex or offer short-term rentals, we are ready to customize a policy that protects your property. Get a quote today to determine the best policy that suits your needs.

What Is Landlord Insurance?

Landlord insurance is the financial protection you deserve as a rental property owner. Whether you have a standalone residence that you rented to a family or if you have a tenant in a condo unit you own, you need to ensure that you have coverage for damages and liability without worry.

What Are the Types of Landlord Insurance?

There are several types of landlord insurance suited for different kinds of rental properties.

With James Inwood, you have access to the following rental property insurance policies:

Call James today for a quote: (647) 966-7093

Do you offer short-term rentals for a property you own? This type of landlord insurance can protect the property you lease periodically.

Do you own a condominium unit and rent it out to other tenants? This type of landlord insurance can provide extra financial security, especially when it comes to factors that your association does not cover.

Do you rent out a room in your primary residence to outsiders? Perhaps you have a basement that you allow tenants to occupy. This type of landlord insurance policy covers the things that your regular home insurance fails to protect.

Do you rent out a residential property to a family? This type of landlord insurance policy is ideal for protecting you and the family you are housing.

Are you renting your property to business owners? This policy is suited for landlords leasing their properties for commercial purposes.

Why Do I Need Landlord Insurance?

Landlord insurance is crucial to cover the financial risk you carry as a property owner. When you own and live within your own residence, you are aware and responsible for the place firsthand. Meanwhile, renting a location for either short or long term can come with more risk.

Many regular market companies are not accepting rental properties due to the increased liability and property damage risks. Fortunately, we offer multiple insurance companies with unique solutions for landlords of all kinds.

Additionally, mortgage lenders will ask for proof of property and liability coverage during the closing process of a new to your property or even ongoing to check on your commitment to protection. You always want to review your coverage to ensure you have the right product if you are renting a property as many options fall short.

Our clients depend on their rental income, so protecting their assets is paramount to their financial success. With James Inwood, you won’t have to worry about the safety of your asset any longer. In addition, here are a few of the best reasons why you need landlord insurance from us:

  • Tenants’ Insurance Solutions: All tenants who occupy a rental space on a long-term basis should acquire tenant’s insurance. Landlords insurance policies only cover their property, liability, and custom solutions (according to their needs). These coverages do not include the individual renter’s personal items and liabilities. As such, it’s a good thing that James can chat with your tenants and advise for the right solution that works for them.
  • Coverage for Various Rental Properties: We can easily cover the following types of rental properties and everything in-between:
      • Rented residential condos
      • Rented residential condos for store fronts or offices
      • Rented single family homes
      • Airbnb properties
      • Short-term rental locations
      • Vacation Rentals by Owner (VRBO) properties
      • Subleased units
      • Multi-family rentals
      • Duplexes
      • Triplexes
      • Large apartments

Note that landlord insurance has varying options suited for a customer’s unique profile. Consider speaking with James Inwood about your case. Allow us to identify the best landlord insurance policy that meets your needs.

What Does Landlord Insurance Cover?

Rental property owners face several risks, from uncontrollable factors like natural calamities to intentional damages like theft. Landlord insurance can often cover the following:

  • Rebuilding Costs: Should your rental property require a total or partial loss, you can count on our landlord insurance product to shoulder the expenses. We look to properly evaluate the building for rebuilding cost placement and ensure the values are accurate based on today’s building costs. We find these prices using advanced software that works with a cost per square foot to construct your unique residence.
  • Comprehensive Coverage Packages: We can adjust our product to provide coverage for almost all perils you face. These policies are the most comprehensive available today. We base them on the exclusions outlined by each policy. Every situation, location, and type of rental can be unique to your needs. Contact James for more information and get the specific coverage available for your property.
  • Water Damage: Full policy financial coverage limits for sewer backups and overland water (flood coverage) is available for rental properties at risk of water damage. Your rental property may face water damage due to excessive rain or faulty floor drains. Note that not all rental homes may be eligible for these additional landlord insurance coverages.
  • Loss of Income Coverage: We offer coverage for lost income in our policies in certain cases. This coverage kicks in if a covered claim prevents your tenant from occupying the location. In such cases, our insurance policy will pay you lost rent on top of repairing the damages. This way, you can rest assured that you are maintaining your financial obligations and getting back on your feet.
  • Theft: Apart from the maintenance tools that you own and keep in your rental property, you may have other personal belongings that you believe may benefit your occupants. Your landlord insurance policy can provide financial protection to compensate for the loss of these items.

Be sure to understand what your rental property needs to know what kind of policy suits your unique situation. Need help laying out your options? Call James today at 647-966-7093! We are ready to assist you in determining the best policy that covers all your needs.

Landlord Insurance Does Not Cover These Things

Remember that landlord insurance protects you because you are the rental property owner. Here are some things that your policy will not cover:

  • Tenant’s Personal Belongings: Your tenant will be responsible for their items. Should they get stolen, they must have insurance for such a case.
  • Routine Maintenance: Although regular upkeep of your rental property is your responsibility, your policy will not pay for such expenses. So, you must ensure that your unit or home has fully functional standard appliances, including dishwashers, stoves, and HVAC systems.

Landlord Insurance vs Home Insurance

Do you also use your rental property as your primary residence? You might believe that getting standard home insurance should be enough to cover any unexpected damages and liabilities you face.

However, home insurance policies are specific to you and your family. Your tenant may not have the same protections against potential damages. You want to secure your tenant’s safety while they live under your roof.

Are you in a similar situation as we have illustrated above? Consider speaking to James Inwood to assess your case. We can discuss how you run your rental property and determine the best options for your financial protection. Allow us to craft the best policy to secure you, your tenants, and your property.

How Much Does Landlord Insurance Cost?

Expect $900 – $2,000 per year for rental homes and $400 per year for condo units for landlord insurance. These figures are only the annual averages. What you pay may change depending on your situation.

When calculating the price of your insurance, we usually look at the type of coverage you will need. Your coverage will depend on several factors, including your living situation, where your rental property is located, and the previous claims you have made regarding your property.

With the different things that factor into your final price, be sure to discuss your goals and the particulars of your unit with your insurer to find the best solution. Get in touch with James to determine your next steps.

Call James: (647) 966-7093

Work with James to ensure you get the best landlord insurance policy that meets your needs. With a seasoned expert on your side, you can discuss your unique situation and he can help lay out your options. Allow us to serve as your expert landlord insurance providers.

With James Inwood, we are ready to customize a landlord insurance policy suited to your needs. Whether you are occupying your rental property while allowing tenants to live with you or if you are renting out commercial properties for businesses to conduct their operations, we will craft a policy that works for you.

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