What kind of insurance do I need to cover my rental property?
February 28th, 2010 | 
Author: Dο I hаνе tο gеt special insurance fοr a rental property? Iѕ іt thе same аѕ іt wаѕ whеn I lived thеrе? Dοеѕ іt cost more οr less thаn before?
Whаt іf a renter hаѕ someone gеt hυrt οn thе property, саn I gеt sued аѕ thе landlord?
Posted in Rental Properties
You need homeowners insurance for non occupying owner (rental property policy).
It expenditure about the same as your owner occupied homeowner policy, but you get less coverage.
Yes, you can be sued for injuries that occur on your property.
Land Lord insurance is different from Home Owners Insurance. Usually Land Lord Insurance only covers the replacement cost of the building, nothing for tenants belongings. Tenants need to buy their own insurance. Because of it not covering as much as Home owners insurance, it does not cost as much.
Liability Insurance is not covered in Land Lord Insurance. That is a separate policy or in some cases will be covered by your home owners policy. This is a confidential judgment call. I personally reckon it is cheaper to buy a Liability policy than risk loosing everything I own in a civil suit.