Landlord insurance is a policy that covers property owners renting out their homes, condos, or apartments.
Sometimes, first-time landlords assume their standard homeowners’ insurance will still be suitable once they start renting out their home — but this isn’t necessarily the case.
Homeowners insurance is intended to cover owner-occupied homes, aka homes that are lived in by their owners. That means when you’re renting out your home to someone else, this coverage may no longer be suitable.
Whether you need a landlord policy or homeowners insurance policy typically depends on whether you will be living there, and how often you plan on renting out your place. For instance, if you’re only renting out a room within your home but you’re still living there, or if you’re only renting out your place occasionally — a homeowner’s policy might be enough; however, if you intend to rent it out regularly, you likely need a landlord policy.
What is typically covered?