What to include in Landlord Policy

Overland Park, Kansas
General Landlording & Rental Properties
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What to include in Landlord Policy

Adam York
Member since 2023 路 15 posts 路 15 votes

Hey all!

I'm a first time landlord and my first tenant moves in in 2 weeks. It's a single family home in Overland Park, KS. Can I use my current homeowner policy and just increase the limits? Anything in particular I need to make sure I have covered? What should I expect to spend?

Thanks for your input!

Adam

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  • Vince Scipione
    Realtor 路 Scranton / Pocono Mountains, PA 路 Member since 2020 路 99 posts 路 33 votes
    1y

    Hello Adam, 

    The way I draft our contracts in Pennsylvania I include a clause that requires the tenants to carry $10k in personal property and $100k in liability. Then I work with a local insurance broker give them a valuation of the property, explain that the property is being rented and by how many people. They shop around for me and find me the best deal. I think it is really important that you establish a good relationship with an independent insurance broker! 

    as far as cost that depends on too many factors to cover! 

    Hope this helps and congrats 馃憦 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker 路 Cody, WY 路 Member since 2010 路 28k+ posts 路 41k+ votes
    1y
    Quote from @Adam York:

    Contact your insurance provider and let them know you intend to rent out the home. They will give you a different policy with different coverages. For example, they won't need to cover your personal belongings (furniture, clothing, etc.) because you won't be living there.

    A landlord policy should cost about the same as a homeowner's policy; it just changes what is covered.

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