There are typically three types of coverage available when it comes to Landlord Insurance: Property, Liability and Lost Rental Income.

Property Coverage is as the name implies. It covers losses on the property, fixtures or furnishings due to things such as storm or fire damage, malfunctioning appliances, vandalism or the actions of tenants. Two types of Property Coverage are typically offered: replacement coverage, which covers the cost of replacing items no matter how much you paid originally, or coverage that pays out the actual value of items at the time of damage.

Liability Coverage protects a landlord from losses in the event a tenant or visitor to the property is injured, for example, if someone slips on an icy sidewalk or trips and falls down a set of stairs.

Lost Income Coverage can help protect a landlord from financial losses in the event the rental property becomes uninhabitable due to a covered loss. If there’s a fire or the property needs to be vacated because of a covered loss, Lost Rental Income Coverage can help replace lost income.

In addition, some insurers offer optional coverage that may help replace income in the event a tenant fails to pay their rent or cover losses related to a landlord’s personal property in the unit, such as furniture or carpeting.