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Landlord Insurance

O. Faulkner & Associates > Landlord Insurance

Covering Your Rental Property

Landlord/Dwelling Fire Insurance

When a landlord rents a property to a tenant, a dwelling fire insurance policy should be purchased. Even if the owner is renting to a family member, it is wise to have a dwelling fire insurance in-forced. Dwelling fire insurance policies cover a home in the event there is a loss and the homeowner is not living in the residence. With a dwelling fire policy, not only are single family homes insured, multi-family dwellings are also qualified for coverage.

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Landlord Policy Facts

  • Dwelling fire policies can cover a rented property for the same value as a standard homeowners policy.
  • The dwelling fire home policy premium can be covered through an escrow account setup through a mortgage company.

  • Under a DP-3 policy, the rental home coverage can be broadened to cover against more liability exposures, unlike the standard dwelling fire policy (DP-1).

  • The dwelling fire policy does not cover the items owned by the tenant but will cover the personal property of the insured (furniture, appliances, documented upgrades to the home, etc.).
  • Additional coverage can be added through endorsement (Water & Sewage backup, Personal Property Replacement Cost Coverage, Sinkhole Coverage, Dwelling Replacement Cost Coverage.

  • Like any homeowners policy, a dwelling fire policy will provide an automatic increase in coverage on an annual basis to make sure the insured’s property is covered to value.