Landlord insurance is generally designed for residential property that is owned and rented to tenants. Depending on the policy, coverage may include the building, certain landlord-owned property, qualifying rental income, premises liability, and additional selected protections.

A standard homeowners policy is generally designed for an owner-occupied residence. A property regularly rented to tenants should be disclosed to the insurance company and reviewed for an appropriate landlord or rental-property policy.

These properties may qualify for landlord or other property insurance programs depending on the number of units, owner occupancy, tenant occupancy, construction, location, property condition, and insurance company guidelines.

Owner-occupied multifamily properties may require coverage that accounts for both the owner’s residence and the tenant-occupied units. The number of units, owner occupancy, rental income, personal belongings, and shared areas should be disclosed.

A landlord policy generally does not insure the tenant’s furniture, clothing, electronics, and other personal belongings. Tenants should consider their own renters insurance.

Landlords may choose to require renters insurance when permitted by applicable law and the lease agreement. Renters insurance may provide the tenant with personal-property and liability protection.

Loss-of-rents coverage may help replace qualifying rental income when a covered property loss makes the rental uninhabitable during an eligible repair or restoration period. Coverage varies by policy.

Standard loss-of-rents coverage generally applies when qualifying rental income is interrupted because of covered property damage. Ordinary tenant nonpayment is generally a different exposure and should not be assumed to be covered.

Many landlord policies include or offer premises liability protection for qualifying claims involving bodily injury or third-party property damage. Limits, exclusions, and eligibility vary.

Temporary tenant turnover may be treated differently from an extended vacancy. Longer vacancies should be reported because vacancy provisions, restrictions, or specialized vacant-property coverage may apply.

Certain sudden and accidental water losses may be covered depending on the policy. Flood, sewer backup, long-term leakage, wear and tear, and maintenance-related damage may require separate coverage or may be excluded.

Flood and earthquake should be reviewed separately. Depending on the policy, state, insurance company, property, and cause of loss, separate policies or endorsements may be necessary.

Owners with multiple rentals may have different insurance options depending on the number of properties, ownership, locations, property values, occupancy, and insurance company guidelines.

Pricing may depend on factors such as location, property type, number of units, construction, building age, roof, plumbing, electrical systems, occupancy, rental income, building value, claims history, deductible, liability limits, and selected coverage.