Landlord insurance guide
Rental property insurance for single-family homes, condos, and small buildings
Rental property insurance protects the building you rent out, your liability as its owner, and the rent you would lose after a covered loss. Here is how it works and what to check before you buy.
Who needs rental property insurance
Anyone who rents a residence to a tenant needs coverage built for that use. That includes investors with a single rental house, owners who moved and kept their old home, house-hackers renting part of a duplex, condo owners leasing their unit, and families renting a property to a relative. If rent changes hands, tell the insurer.
The building: dwelling and other structures
Dwelling coverage repairs or rebuilds the house or building. Other-structures coverage handles detached garages, fences, and sheds. Choose a dwelling limit based on rebuild cost. Market value includes land and location, which are not rebuilt, so it can be much higher or lower than the right insured amount.
Ask whether losses are settled at replacement cost or actual cash value. Replacement cost pays to rebuild with materials of like kind and quality without subtracting depreciation; actual cash value subtracts depreciation and can leave a large gap on an older roof or kitchen.
Your liability as a property owner
Premises liability responds when someone is injured on the property, or their property is damaged, and you are legally responsible. Typical examples: a tenant's guest falls on a broken step, a tree limb from your yard lands on a neighbor's car, or water from your rental damages the unit below. Defense costs are usually paid in addition to the limit.
Common limits run from $300,000 to $1,000,000. Owners with several rentals often add an umbrella policy for higher protection across all of them.
Lost rent after a covered loss
Fair rental value coverage, also called loss of rents, pays the rent you would have collected while covered damage makes the unit unlivable. It does not cover a tenant who simply stops paying; that is a credit risk handled by screening, deposits, and in some markets a separate rent-guarantee product.
What rental property insurance usually does not cover
- Your tenant's furniture, clothing, and electronics (they need renters insurance)
- Flood from rising surface water, which needs a separate flood policy
- Earthquake and earth movement unless added
- Wear and tear, deferred maintenance, and gradual leaks
- Intentional damage by you, and often mold, pests, and rodents
Single-family, condo, and townhome rentals
Single-family rentals and townhomes owned fee-simple are usually written on a dwelling form such as DP-3. A rented condo unit is often written on a unit-owner form with a rental endorsement, since the association covers the shell. Small multi-unit buildings are covered on our duplex and fourplex page.
How rental property insurance is priced
Location, rebuild cost, building age, roof condition, policy form, limits, deductible, occupancy type, and claims history all affect price. See NAIC dwelling averages for each state on landlord insurance cost by state.
Before you request a quote
- Address, year built, square footage, construction, and number of units
- Roof age and dates of major system updates
- Occupancy and lease type
- Prior losses and current coverage
- Lender information and desired limits
Related guides
- Rental property insurance
- Dwelling fire policy (DP-1/2/3)
- Landlord vs. homeowners insurance
- Landlord insurance cost by state
- Duplex & fourplex landlord insurance
Service-area states
Frequently asked questions
Is rental property insurance the same as landlord insurance?
Yes. The two terms are used interchangeably. Both describe a policy on a home or small residential building you rent to others.
Do I need rental property insurance on a condo I rent out?
Usually you need a condo unit-owner policy endorsed for rental use, because the association's master policy normally covers only the building's shared structure. Check your association's bylaws to see where the master policy stops.
Can one policy cover several rental homes?
Many insurers will schedule multiple dwellings on one policy or offer portfolio programs, which can simplify renewals and sometimes lower total premium.
Last updated October 15, 2026. Sources and method: how we research.