landlord insurance This cover usually includes the same type of protection as your usual house insurance, such as cover for buildings and contents in the event of a range of circumstances. However, you need certain extra cover as a landlord, including for: Non payment of rent. Damage to your property (by the tenant)
Expect to pay 15% to 20% more for landlord insurance than you did for homeowners insurance. In recent years the average cost of homeowners insurance was $822 a year. Tack on 20%, and that would put the average annual premium on landlord insurance at about $986.
Talk to your mortgage lender. There’s no legal obligation for a landlord to take out a dedicated insurance policy. However, if you have a mortgage on your property it’s very likely that your lender will require you to take out insurance before you take on tenants.
A landlord is the owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner.