Landlords Insurance Information

Because everyone's needs are not the same, it is best to consult your agent to help assess your needs and find the insurance policy that is right for you.

What is Landlordss insurance?
Landlords insurance provides financial protection against disasters. A standard policy insures the home itself and, when desired, the things you own in it.

Landlords insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries caused by conditions of the Landlord property.

Damage caused by most disasters may be covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies or endorsements for flood and earthquake coverage. Maintenance-related problems are the building owners' responsibility.

Why do you need landlords insurance?
It is really all about protecting yourself financially if something unexpected happens to your rental dwelling or contents you own. That's important because chances are your rental dwelling is likely one of your largest investments.

  • If your remtal property was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
  • If a guest at your rental property is injured and you are legally responsible, liability protection and medical coverage help pay expenses.
  • If you are a victim of theft and vandalism and coverage for these is purchased, it can reimburse you for your loss or pay for repairs.
  • If you are still paying for your rental dwelling, your lender will require insurance.

It is important to know that landlords insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.

Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.

  • How much will it cost to rebuild and/or replace my building if it is damaged or destroyed? (Ask your agent to talk you through your building's features and the things you own so you can make an informed decision about coverage.)
  • Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
  • What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
  • What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)  


Drew Insurance Agency PO Box 39
18 South Main St.
Norwood, New York 13668-0039
315 353 6636