Insurance: Landlord or Commercial policies?

Question

We recently switched all our properties to a commercial policy with larger umbrellas my question is:

Do you have your residential properties insured under a Landlord policy or Commercial policy, if so what why did you choose that one?

Jason Bott · Answer

@Scott F. the name of the policy has no bearing on if it's the right policy or not. A landlord policy can be a commercial policy or a personal lines policy.

It's the same as asking if you should buy a single family rental or a 1 unit building.

Focus on the coverages and disregard the name of the policy.

Mak J. · Answer

Commercial liability will only cover liabilities like lawsuits right? It wont cover wind hail fire or water damages etc? Are you saying you only have liability and NO Landlord policy?

Kim Meredith Hampton · Answer

@Scott F. I have each of mine under a Landlord Policy, but then have an umbrella policy over my own home and the rentals; extended liability coverage. Having a commercial policy usually only covers property and liability, hence the reason for having the umbrella as well. It also depends on how you hold your properties; LLC, S Corp etc... as to what the agent will recommend. In addition, some states have different regulations too

I'm sure that someone that specializes in Insurance can give more insight into what is and isnt necessary or best for our properties.

Insurance: Landlord or Commercial policies?

Insurance: Landlord or Commercial policies?

Most Popular Reply

3 Replies