Landlords: What You Need to Know About Rental Property Insurance

There are eight million do-it-yourself landlords in the United States. Most of them understand the importance of having insurance. Owning a rental property without the proper insurance is risky and could lead to significant financial losses.

The biggest challenge these landlords face is knowing what policy they need to protect their rental properties.

To help, State Farm and Rentalutions co-hosted a thirty-minute webinar to explain the insurance needs of independent landlords. Property owners from across the country joined the webinar live, and even more have watched the recording.

In the webinar, State Farm and Rentalutions discussed the following topics:

• How rental property insurance is different from homeowner’s insurance
• How insurance benefits rental property owners
• What is and is not covered by rental property policies
• The importance of renters insurance for tenants
• Questions submitted by participants

State Farm P&C Underwriting Consultant Sherry Parker, CPCU, CLU, explained the four components of a rental owner’s policy; dwelling coverage, personal property coverage, loss of rents coverage, and liability coverage. These coverage’s are unique to a rental owner’s policy and are generally different from what’s included in a homeowner’s policy.

Landlords can buy additional coverage to cover damage from floods and earthquakes. Some landlords may also benefit from an overarching umbrella policy.

There are different policies for different types of rental properties. The different policies cover single family homes, duplexes, condo units, and apartment buildings.

This webinar is part of ongoing efforts by State Farm and Rentalutions to help landlords manage their small business. Both companies recognize the benefits of educating customers and finding the best product for each customer’s situation.

Ryan Coon, co-founder and CEO of Rentalutions said, “Our goal is making renting easy for landlords and their tenants. One aspect of being a great landlord is having the right insurance coverage. State Farm is the largest property insurer in the country, and has been a great resource in helping educate our landlords on their insurance needs.”

To learn more about the different insurance needs of landlords, read the Rentalutions Guide to Landlord’s Insurance or contact a State Farm agent.

Finally, if you are a landlord who isn't using Rentalutions, you can save time by managing your properties online. Create an account now for free, and get access to special discounted pricing courtesy of State Farm.