Landlord Insurance Rhode Island

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Landlord Insurance in Rhode Island

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What is landlord insurance?

Being a landlord can be a profitable part-time endeavor, full-time career, or viable long-term investment plan. However it’s approached, though, being a landlord comes with certain risks. Landlord insurance may help landlords in Rhode Island shield themselves from many of the risks that come with renting out residential properties.

Landlord insurance offers tailored coverages for those investing in residential properties. Policies typically protect properties against damage, and the landlord against certain liability risks.

Who needs landlord liability insurance in Rhode Island?

Most landlords renting properties in Rhode Island should have landlord liability insurance. Anyone investing in single families, duplexes, triplexes, quadplexes, condos, or townhomes may want a policy.

Of course, it’s broadly recommended that landlords get property coverage too. Most real estate loans will require that landlords insure financed properties, and insurance is generally recommended regardless of whether there’s a requirement. Many landlords also insure the items they keep at properties, such as appliances or furniture (for furnished properties).

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Can landlord policies cover multi-unit properties?

Landlord policies are readily available for smaller multi-units. An insurance agent who specializes in landlord liability insurance should be able to find options for insuring duplexes, triplexes, and quadplexes.

If a property has more than four units, a landlord policy is less likely to be a suitable option. For properties with five or more units, apartment insurance or another type of policy is usually needed.

Can landlord policies cover mixed-use properties?

Standard landlord policies normally don’t cover mixed-use properties, even if they’re smaller properties. A broader insurance policy is usually needed if insuring a property that has residential and commercial/office space. 

An insurance agent who knows landlord policies well should be able to find a policy for a mixed-use investment property. It just probably won’t be a standard landlord policy.

What coverages do landlord policies typically include?

Landlord policies typically come with multiple coverages. Depending on the policy, these might include:

  • Property Damage Insurance: Typically covers the rental property against damage. Could also protect landlord-owned items kept at the property, such as appliances, snow removal equipment, or furniture.

  • General Landlord Liability Insurance: Typically covers lawsuits that could be filed by tenants or other individuals who are injured on the property’s premises. Could also cover certain non-personal injury lawsuits.

  • Commercial Umbrella Insurance: Typically provides an additional level of liability protection against costly lawsuits that exceed the limits of another landlord liability insurance coverage.

  • Rent Guarantee Insurance: Typically covers income loss resulting from tenants failing to pay their rent on time.

  • Loss of Rental Income Insurance: Typically covers income loss due to disasters that render a property uninhabitable, and thus unrentable.

  • Legal Assistance Insurance: Typically covers legal expenses unrelated to liability lawsuits, such as costs incurred during evictions or judgments.

Landlord Insurance Rhode Island

When is rent guarantee coverage recommended?

Rent guarantee coverage might make sense when landlords are immediately dependent upon rental income. If rental income is needed to pay a property’s mortgage and other costs, this coverage might even be required. It could also be a good idea to carry the coverage if rental income is used to pay regular living expenses.

Landlords who aren’t dependent on rental income for immediate needs may choose to opt out of rent guarantee coverage. 

An insurance agent who specializes in landlord policies can help landlords think through this decision, and also through other coverage choices. Ultimately, landlords must decide which converges are right for their properties and situation.

How much does it cost to insure a single-family rental property?

The premiums for landlord policies vary, but coverage for a single-family rental property is typically quite affordable. An independent insurance agent can help landlords check different insurance companies’ quotes for a specific property.

Landlord Insurance Rhode Island
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Where can landlords renting properties in Rhode Island find landlord insurance?

If you have rental properties in Rhode Island and need insurance, reach out to the independent insurance agents at Podmaska Insurance. Our agents will work closely with you to determine coverage needs, and then find a landlord insurance policy that’ll protect you and your properties well.

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