What kind of insurance do I need to cover my rental property?
Do I have to get special insurance for a rental property? Is it the same as it was when I lived there? Does it cost more or less than before?
What if a renter has someone get hurt on the property, can I get sued as the landlord?
Tags: Cover, Insurance, Kind, Need, Property, Rental, what kind of insurance do i need for my rental property
You need homeowners insurance for non occupying owner (rental property policy).
It costs about the same as your owner occupied homeowner policy, but you get less coverage.
Yes, you can be sued for injuries that occur on your property.
Land Lord insurance is different from Home Owners Insurance. Usually Land Lord Insurance only covers the replacement cost of the building, nothing for tenants belongings. Tenants need to purchase their own insurance. Because of it not covering as much as Home owners insurance, it does not cost as much.
Liability Insurance is not covered in Land Lord Insurance. That is a separate policy or in some cases will be covered by your home owners policy. This is a personal judgment call. I personally think it is cheaper to buy a Liability policy than risk loosing everything I own in a civil suit.