The number of tenants you rent to and type of rental properties you own will determine your exposure to risk and your coverage requirements.
For example, a family renting a home is considered a different type of risk than a student renting a room for the school year. Short-term leases are often considered riskier than long-term, and your screening method can play a role in how your landlord policy is written.
- Residential Rental Property Insurance – Protects single or multiple-family dwellings, normally for long-term rental. Discounts are often available from insurance companies to landlords who require tenants to have renters insurance.
Taking on tenants increases your risk for financial loss, and you need the right insurance to offset that risk. Be sure to discuss your specific needs with your broker to make sure that you get the insurance that fits your specific situation.