If you currently own a rental property or income property and consider yourself to be a landlord, you must purchase a special type of home insurance called “Rented Dwelling” insurance. Rented Dwelling Insurance is rental property coverage for owners or investors who have purchased property such as single-family homes, condominium units, apartments, townhouses, duplexes and more that are rented out to tenants in order to generate income. By having rental dwelling insurance, it not only protects your home and property from damage, injury and liability claims made against you, but it will also protects your stream of rental income.
Although rented dwelling insurance may seem similar to landlord insurance, they differ from one another. Landlord insurance typically covers the building or portion of the property being rented from fire, water and wind damage. It will also replace lost rental income if you’re unable to rent out space due to an insured loss.
