Landlord insurance
A regular homeowners policy assumes you live in the home yourself. Once tenants move in, you need a landlord policy: it covers the building, your liability and the rent you lose while the home is repaired after a covered loss. We help you choose one and explain it in Russian or English.
The right policy depends on how you rent. Choose the closest option and we will start from there.
A house or condo leased to one tenant or family for six months, a year or longer. This is usually a dwelling policy; its broadest form, DP-3, covers the building against every risk the policy does not exclude.
Airbnb and similar platforms, stays of a few nights. Most homeowners and dwelling policies are not designed for this, so you need a policy or an endorsement that clearly allows short-term rentals.
One policy for a building with several apartments. Buildings with 5 or more units usually need a commercial policy: send a request for those too and we will look at the options.
Type of home, ZIP code, number of units, long-term or short-term, and whether there is a mortgage on it.
We look at the right form (DP-1, DP-3 or a short-term option), liability and lost rent, and explain in plain words what is excluded.
You buy the policy from the insurance company and pay it directly. If you have a mortgage, send the declarations page to your lender.
| DP-1 (basic form) | Named perils: usually fire, lightning and internal explosion; wind, hail and more can be added. Claims are usually paid at actual cash value. |
|---|---|
| DP-2 (broad form) | Named perils, a longer list: vandalism, weight of ice and snow, water discharge, freezing and more. Usually replacement cost. |
| DP-3 (special form) | Open perils for the building and other structures: everything is covered except what the policy excludes. Your belongings are covered for named perils. |
| Lost rent (fair rental value) | Pays the rent you lose while the home is repaired after a covered loss, usually for a limited period. |
| Landlord liability | A dwelling policy usually does not include it on its own: it comes in a landlord package or is added separately. |
| Floods and earthquakes | Usually excluded. Flood needs a separate flood policy; in a high-risk flood zone with a government-backed mortgage it is required. |
| Mortgage | Lenders generally require insurance on the building. If you have none, the lender may buy force-placed insurance and charge you for it: it is usually more expensive and may protect only the lender. |
Sources: the North Carolina Department of Insurance guide to dwelling forms, Triple-I, the CFPB and FEMA (FloodSmart). Exact perils and exclusions are written in your policy and differ between insurance companies.
Most likely not. A homeowners policy is built for a home you live in yourself. Once it is leased to tenants, you need a landlord (dwelling) policy, such as DP-3; otherwise the insurance company may deny a claim.
DP-1 covers only the perils it names, usually fire, lightning and internal explosion, and often pays actual cash value. DP-3 covers the building against every risk except the ones it excludes and is the broader form.
No. It covers the building and your interest in it. Tenants insure their own things with renters insurance, and many landlords require it in the lease.
Usually not. Loss of rents (fair rental value) pays only when the home cannot be rented while it is repaired after a covered loss, such as a fire, and usually for a limited period. A tenant who simply stops paying is usually not covered by a landlord policy.
Most homeowners and dwelling policies are not designed for short-term rentals, and renting regularly to guests can count as a business. You need a policy or an endorsement that allows it; if the platform has its own protection, check what it covers and excludes. Also check local rules and HOA bylaws: some limit short-term rentals.
Tell your insurance company before the tenants move in and switch to a landlord policy. If there is a mortgage, send the new declarations page to your lender.
Usually not. Flood needs a separate flood policy, and in a high-risk flood zone with a government-backed mortgage it is required; earthquake is a typical exclusion that can sometimes be added. We have a separate page about flood insurance.
The building and common areas are usually covered by the association's master policy. Your own policy covers what is inside your unit and not on the master policy, your liability and, if included, loss assessment when the association bills owners for a loss. Tell the insurance company the unit is rented.
A licensed producer places policies in 22 states, and the rental needs to be in one of them. Leave a request or call: we answer in Russian and English.
The policy is issued and serviced by the insurance company: terms and price follow its rules, and you pay the premium to it. The policy is placed by Dmitry Borovoy, licensed property and casualty insurance producer (NPN 22313558) with SafeBridge; his commission is paid by the insurance company. About the license