Landlord Insurance Explained: Coverage, Cost, and FAQs
- Nate Jones, CPCU, ARM, CLCS, AU
- 6 hours ago
- 2 min read
Owning rental property is a smart investment—but it comes with risks that standard homeowner's insurance won’t cover. Whether you rent out a single-family home, duplex, condo, or vacation cabin, landlord insurance is essential to protect your property, income, and legal interests.
At Wexford Insurance, we specialize in rental property insurance tailored to landlords across all property types. This guide breaks down what landlord insurance includes, how much it costs, and why it’s a must-have for property owners.
What Is Landlord Insurance?
Landlord insurance—also known as rental property insurance—is a specialized policy designed for property owners who lease out residential units. Unlike homeowners' insurance, which covers owner-occupied homes, landlord insurance protects against tenant-related risks and rental income loss. [www.investopedia.com]
It typically includes:
Dwelling Coverage: Protects the structure from damage due to fire, storms, vandalism, or theft.
Liability Protection: Covers legal and medical costs if a tenant or guest is injured on the property.
Loss of Rental Income: Reimburses lost rent if the property becomes uninhabitable due to a covered event.
Optional Add-ons: Flood insurance, earthquake coverage, vandalism protection, and more.
What’s the Difference Between Landlord and Homeowners Insurance?
While both policies cover property damage and liability, homeowners' insurance is for owner-occupied homes and includes personal property and loss-of-use coverage. Landlord insurance, on the other hand, excludes tenant belongings and focuses on rental-specific risks like income loss and tenant-caused damage.
How Much Does Landlord Insurance Cost?
The average cost of landlord insurance ranges from $1,300 to $4,000 per year, depending on:
Property location and value
Number of rental units
Coverage limits and deductibles
Risk factors like natural disasters or crime rates
Landlord insurance typically costs 15–25% more than homeowners insurance due to the added risks of renting.
Why Choose Wexford Insurance?
Wexford Insurance offers comprehensive landlord insurance for:
Long-term leases
Vacation homes, cabins, and lake houses
Duplexes, triplexes, and quadplexes
Condos, townhomes, and single-family dwellings
We work with multiple carriers to find the best price and coverage for your needs. Our agents are transparent, responsive, and focused on helping rental property owners succeed.
Final Thoughts
Landlord insurance isn’t just a safety net—it’s a strategic tool for protecting your rental income and property value. From fire damage to liability claims, the risks of renting are real. With the right coverage, you can manage those risks confidently.
Wexford Insurance is your go-to source for rental property protection. Whether you own one unit or a portfolio, we’ll help you stay covered and profitable. Contact now!
FAQs
Q1: Does landlord insurance cover tenant belongings?
No. Tenants need renters' insurance to protect their personal property.
Q2: Can I insure multiple rental properties under one policy?
Yes. Wexford Insurance offers bundled policies for landlords with multiple units.
Q3: Is landlord insurance more expensive than homeowners' insurance?
Typically, yes—about 15–25% more due to higher liability and rental risks.
