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A landlord shield or insurance is designed to cover unique risks associated with renting your property for a long period. It includes things like property damage, liability cost, along with the loss of rental income, for landlords renting out their property. Whether you are renting out a vocational home or an investment property, in the form of landlord insurance holds extreme importance. It is essential to protect your property against the financial risks associated with the renters living there.

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Landlord shield policies generally cover the dwellings or structures of your own property. It is quite similar to the content of homeowner's insurance but contains an addition – it offers additional coverage for the added risks that having a tenant in your property would include. However, it does not include your tenant’s own property. To insure their belongings, getting renters shield is the only way out after signing the lease. 

What does a landlord shield typically include?

  • Dwelling coverage – It covers all the physical damage that is caused to your dwelling. It means that the insurance will pay for damages caused to the structure of the building or the apartment itself. It would cover damages caused to the walls, floors, and ceilings but will not cover damage caused to your tenant's personal belongings. Also, remember that the coverage will only include the damage caused by predefined peril, like fire, earthquake, etc.
  • Liability – Take a close look at your policy's liability or medical coverage clause; it would protect you legally if anyone is injured on your premises. For example, if a tenant falls and injures themselves inside your property, they might sue you. In those cases, your insurance company will try to settle with the tenant on your behalf. They would also pay any associated costs.
  • Loss of rental income – If your property gets damaged and you cannot rent it out, the policy would cover the lost rental income. While taking up the insurance, ask your insurer if the loss of rental income is included in your policy. If not, you can add it as an optional rider.

What Does Landlord Insurance Include?

Apart from these, there are some other elements that the insurance covers. The protections might be a part of the core policy, or it can also be an optional endorsement like the ones below.

  • Building code coverage – If your area's building codes have changed since the time the property was built, the home needs some repair, you would need to meet the current building code. The insurance would cover the additional cost required to make the renovations.
  • Non-occupied house endorsement – In case your rental property remains vacant for more than 30 days, your insurer might deny all the claims until the property gets reoccupied. This element extends the coverage during that period.
  • Air-conditioning or heating loss reimbursement – This element will reimburse you for all the payments you make to your tenant if their heating or air conditioning system breaks down.

Along with your landlord insurance, you might also consider Personal Umbrella Policy, flood and earthquake insurance for your property.

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