Do you own a property and are you thinking of renting part of it out to tenants? If so…you’ve come to the right place. If you plan to live in the place you’re renting (whether you have a spare room and want the extra income or you recently finished your basement and a tenant is taking over the entire floor), you’ll need live-in landlord insurance.
FAQ
What is live-in landlord insurance?
Live in landlord insurance protects property owners from financial losses at their rental properties. These financial losses may relate to property damage, loss of rental income, or bodily injury. It’s important to note that your typical personal lines insurance policy does not cover renting a room, floor or part of your home to others in short term or annual basis. As such it’s important to ensure you have the right/best coverage for specific situation.
What does live-in landlord insurance cover?
Standard live-in landlord insurance covers the following:
- Property damage: If your rental home is damaged by an insured peril, such as a fire, you’ll be protected from paying for repairs out of pocket.
- Landlord’s personal belongings: Live-in landlord insurance may also cover damage or theft related to the landlord’s personal belongings. For example, if the tenant damages your furniture or accidentally breaks your lawnmower, your insurance provider will help cover the costs of repairing or replacing your damaged belongings.
- Liability insurance: If a tenant falls because of an icy stoop or a missing step, it could result in a lawsuit. Thankfully, with live-in landlord insurance, your insurance provider can help cover the costs of legal fees or medical expenses.
- Loss of rental income: If an insured loss damages your rental property, forcing you to close it for repairs, live-in landlord insurance will compensate you for the loss of income resulting from your tenant having to move out.
What’s the difference between live-in landlord insurance and regular homeowner’s insurance?
There is a common misconception that if you have homeowner’s insurance, you do not need to purchase landlord insurance. This couldn’t be further from the truth. The reality is that homeowner’s insurance only covers landlords in specific circumstances. It can be extremely limiting, so you should always check with your insurance provider before assuming your homeowner’s insurance covers you. In addition, landlord insurance typically includes several coverages that homeowner’s insurance policies do not, such as liability coverage and personal property coverage.
What happens if I don’t have live-in landlord insurance?
Without live-in landlord insurance, you would be responsible for paying any applicable costs in the event that the tenant’s living quarters are damaged or the tenant injures themselves out of pocket and it could also void your personal home insurance leaving you with nothing in the event of a fire as an example. Medical expenses, repairs, and lawsuits can all be incredibly expensive.
Why do I need live-in landlord insurance?
When you have a rental property with tenants, even if you live in it, there is so much you can’t control. This means that the possibilities of things that could go wrong are endless. Your tenant may forget to shovel their walkway during winter and subsequently fall and injure themselves on ice. Alternatively, fire or weather-related incidents such as a flood could damage the room or part of the home the tenant is living in. As a live-in landlord, if any such incidents occurred on your property, you could be responsible for paying. But with landlord insurance by your side, you can be protected against a wide range of insured losses.
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