Landlord Insurance: Single Family, Duplex, or Multi-Unit Complex Rental Properties

Landlord Insurance in Lafayette and West Lafayette

With Purdue students, young professionals and families all looking for places to rent, many people in Greater Lafayette own a rental home, a duplex or a few doors. A standard homeowners policy is built for a home you live in, and it may not cover a property you rent out. Landlord insurance, often written as a dwelling fire policy, is designed for rental properties and the risks that come with them.

What landlord insurance covers

• The dwelling – the house or building itself against covered losses like fire, wind, hail and the other perils listed in your policy
• Other structures – detached garages, sheds and fences on the property
• Loss of rental income – rent you lose while the property is being repaired after a covered loss
• Landlord liability – protection if a tenant or guest is injured and claims you were responsible
• Landlord-owned contents – appliances, furniture and supplies you provide in the rental

Your tenants’ belongings are not covered by your policy. Encourage, or require, your tenants to carry renters insurance. It protects their property and their liability, and it can reduce disputes after a loss.

Choosing the right type of policy

Dwelling policies come in several forms. Basic forms cover a short list of named perils and usually pay actual cash value. Broader forms cover more types of losses and can pay replacement cost. The right choice depends on the age and condition of the property, your mortgage requirements and how much risk you want to keep. We’ll explain the differences in plain English and compare several companies for you.

Many landlords also add an umbrella policy for extra liability protection. If you own several properties or hold them in an LLC, ask us about options built for that, including commercial property and general liability coverage.

Landlord insurance FAQs

Can I keep my homeowners policy if I move out and rent my house?

Usually not. Once you move out and rent the home to someone else, you’ll typically need a landlord or dwelling policy instead. Let us know before your tenant moves in so there’s no gap in coverage.

Do I need different coverage for a short-term rental?

Short-term rentals, like homes listed on vacation rental sites, are treated differently by many companies. Tell us how you rent the property and we’ll find coverage that fits.

Does landlord insurance cover vacant properties?

Coverage can be limited when a property sits empty for a long stretch. If your rental will be vacant during a renovation or between tenants, call us so we can review your options.

How do I get a quote?

Call or text 765-474-2300 with the property address, year built and how it’s rented, and we’ll compare options for you.