Insurance coverage for rentals

4 Replies

Hey everyone, 

I am looking to buy a single family or duplex in Columbus, OH some time soon. I wanted to get a better idea of the type of insurance that would be ideal for a landlord. What types of coverage would be important to have? Some input would be greatly appreciated.

Thanks!

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error and omission will cover you if something comes up concerning your advertising or leases with misprints or something, the loss of rent would cover you if say there was a fire which made the apartment / house uninhabitable while you repair the damage.

The 1st question is how are you going to hold these properties? In your personal name or in an entity. Then are these properties residential or commercial in nature? This will tell you if your going to take out a landlord type policy (personal lines) or if your going to need a commercial policy?

Both policies have loss of rents or use coverage. Loss of use means that a covered event, such as a fire has taken place and as part of the claim, they will pay your loss of rents due the property being uninhabitable until it is repaired.

also some companies will not allow you to write a policy on personal line if its owned by an entity. Most people want to write the policy as personal lines because it tends to be less expensive? The commercial policy has coverages on it that most personal lines policy doesn't, so sit down with a quality agent and discuss the differences. Do not go low on liability coverage, get as much as you can. Keep in mind, that liability coverage is what protects all your personal or corporate assets, don't leave yourself exposed there. Follow it up with a decent sized umbrella policy.