Why You Need landlord Insurance

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Some of the 1-to-4-unit rental homes we help find coverage for:

Single-Family
Duplex
Multi-Unit

MORTGAGE REQUIREMENT:  

If you have a mortgage on your rental property, your lender will typically require you to have insurance coverage.  Even without a mortgage, insurance provides vital protection for your rental property, personal property used to service the rental, liability exposure, medical expenses for others, and loss of rental income.

LIABILITY PROTECTION:

Safeguard yourself from liability for injuries, property damage, and lawsuits.

PROTECTION FOR YOUR RENTAL PROPERTY:

Coverage to protect against repair costs or replacement of your rental property.  

LOSS OF RENT:

 Assists in replacing your loss of rental income if your rental home is damaged and unable to be occupied by a tenant.

There are Six Standard Landlord Insurance Coverages:

Dwelling Coverage:     

Protects against damage to your rental property and any attached structures.

Other Structures Coverage:       

Coverage for structures not permanently attached to your rental home like detached garages, gazebos, patios, sheds, pergolas, fences, and driveways.

Personal Property Used to Service your Rental Property:     

Covers equipment left onsite to maintain your rental property, like lawnmowers or snow blowers, if damaged.   Personal property not required for rental property maintenance is not covered under this coverage.  To be protected, you would need to purchase the optional Contents Coverage insurance. 

Personal Liability Coverage:

Covers you if a claim or lawsuit is brought against you for damages due to bodily injury or property damage on your rental property, up to the limits of your policy. It may also pay for legal costs resulting from lawsuits. 

Loss of Rental Income Coverage:

If your rental property becomes uninhabitable due to a covered loss, you will be reimbursed for lost rental income during the repair or rebuilding period.

Medical Coverage:

Protects against the cost of medical bills if a tenant or visitor is injured on the property.

Optional Landlord Insurance Coverages:

Contents Coverage:   

 Protects your personal belongings inside the rental property, including furniture, appliances, and other items.

Example: If there’s a fire in the kitchen of your rental property causing $5,000 in damage to furniture and appliances, the repair costs would be covered by contents coverage.

Fair Rental Income Coverage:

Protection if a tenant stops paying rent, covering the lost rental income until the landlord can find a new tenant.

Example: If your renter stops paying rent unexpectedly, leaving you without rental income, fair rental income coverage would reimburse you for the lost rent until you find a new tenant. 

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Home Safety Discount:

Tenant Screening Discount: You may qualify for a discount if you conduct a thorough non-discriminatory screening of your tenant.

Policyholder Savings:

Multi-Dwellings Discount:  Insure more than one rental dwelling and receive a discount.

Membership Discount:  Save money by joining a Michigan Landlord Association.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

Report The Claim by Phone:

  • Click on the Carrier tab.
  • Locate your insurance carrier.
  • Use the carrier’s claims phone number to report the claim.

Report The Claim Online:

  • Click on the Carrier tab.
  • Use the carrier’s claims website link to report the claim online.

Here are some things to consider if you are deciding whether to file a claim:

  • Was anyone injured?
  • Did you cause damage to someone else’s property?
  • Is it unsafe to live in your rental property?
  • Do the damages exceed your deductible?
  • Is the issue related to maintenance or normal wear-and-tear?

If you answered yes to one or more of these questions, you should consider filing a claim. If you have further questions about the claims process, don’t hesitate to contact your insurance carrier directly.

Step 1: Safety:

  • Make sure your tenants are in a safe place.

Step 2:  Protect and Secure Property:

  • Cover or tarp holes in walls and roof.
  • Board up windows and doors to prevent looters.
  • Ensure fire and embers are extinguished and move any property at risk of damage.

Step 3: Collect Info and Document Losses:

  • Create an inventory list of all lost items and do not throw anything away.
  • Document everything and maintain a claim diary.  Take note of who you spoke to and when, any completed work, and keep business cards from adjusters or contractors.

Step 4: Contact Your Insurance Carrier

Flood damage is typically not covered by a landlord insurance policy.  To safeguard against flood-related damage, it’s essential to purchase a separate flood insurance policy, which can be obtained through Insurish. 

If you reside in a flood-prone area, obtaining flood insurance should be a priority. Use the FEMA flood map to access the flood risk associated with your address. This information will help you determine whether purchasing flood insurance is advisable to protect your rental property.

To purchase flood insurance, simply visit the Insurish website and navigate to the Products tab at the top of the home page to get a quote or contact us with any questions.

Step 1: Secure Property

  • Temporarily repair and turn off the water source.
  • Secure valuables to prevent further damage.
  • Unplug electrical appliances near the affected area.

Step 2: Start Remediation

  • Contact a contractor to repair the source of the leak.
  • Begin drying up any visible water and start the mitigation process.

Step 3: Prepare for Claim

  • Keep receipts for any out-of-pocket expenses.
  • Take photos of the damage and refrain from disposing of any damaged items.

Step 4: Contact Your Insurance Carrier

Step 1: Secure Property

  • Tarp, board up, and protect your condo from further damage.
  • Clear debris from the area.
  • Photograph the damage before and after securing it.

Step 2: Continue Securing

  • Look for any signs of water leaks, wall, or ceiling damage.
  • Keep receipts for any out-of-pocket expenses incurred.

Step 3: Contact Your Insurance Carrier

A deductible is the portion of covered expenses that you are responsible for paying out of pocket before your insurance coverage begins to apply. 

For example, if your landlord’s insurance deductible is $1,000 and you incur $10,000 in damages, the insurance company will cover $9,000, and you would be responsible for paying your $1,000 deductible.

Absolutely. We use secure encryption technology to keep your personal information safe. When it comes to your application, we never pull your data without your approval first. We will also never sell your data to any third party…ever.

If you have questions, you can call, text, email, or live chat with a real expert at Insurish who is standing by to help. No matter how you contact us, we will get back to you immediately. For help, click the Contact Us tab.

We offer insurance solutions for all your personal needs like auto, home, life, health & more. We also offer products for all your business needs, like liability, property, trucks & more. We don’t stop there! We also offer a wide array of car care and safety & security products.

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.