If you own rental investments, it pays to get landlord insurance. This type of insurance provides essential coverage to protect your rental properties and finances. Also called rental property insurance or a DP3 (Dwelling Fire Policy), landlord insurance protects you against the unique risks associated with renting properties to tenants. Why do you need it, and how is this special policy suited for your business?
Why do I need this kind of coverage?
The #1 reason to get landlord insurance is to protect your investments. The right insurance company can offer you the best financial protection and peace of mind that helps you confidently manage your portfolio. This policy ensures you’re not fully responsible for paying for common rental issues like personal property damage, natural disasters, loss of rent, and personal injury claims made by your tenants.
This sounds like homeowner’s insurance. How is this different?
While landlord insurance does have a lot of crossover with standard homeowners insurance, it has some distinct differences that make it suited for a property rental business. Both offer the usual liability coverage and protection against property damage like a standard homeowner’s policy. Likewise, you can opt for additional coverage and different deductible amounts.
However, landlord insurance covers properties that aren’t your primary residence. A homeowner’s insurance policy only covers owner-occupied properties. Landlord insurance covers rental risks like tenant non-payment, liability associated with owning and renting a property, and loss of rental income and vacancy due to a covered loss. Homeowner’s insurance does not cover these unique risks associated with property management.
Where do I buy landlord insurance?
To protect your investments, it’s important to have access to rental property insurance quickly. Thankfully, you can shop for the right policy with our new partner, Obie: an insurance technology company that specializes in providing landlord insurance to real estate investors like you.
This partnership, which was made official this spring, streamlines your landlord insurance search by giving you quick access to multiple quotes at once. Obie uses top-level tech to scan multiple data sources while leveraging a network of nationwide partners.
We want our clients to get the best possible solutions and coverage, which is why we chose a partner that can maximize your chance of finding the right insurance coverage without delay. We are also impressed with Obie’s industry-leading technology, which provides one of the fastest policy and quote-binding insurance processes for residential real estate investment properties between 1-4 units.
Get Landlord Insurance Fast
Getting the right landlord insurance policy makes all the difference. If unexpected situations come up, you know that your bases are covered. Whether you need plans for rent loss, storm damage, or other liabilities, Obie can give you all the options to ensure you get coverage you require.
Marketplace Homes is proud to partner with Obie to offer the most convenient methods for obtaining landlord insurance. Through this partnership, every landlord that works with us has access to the best possible landlord insurance search.
Alicia Persson is the the real estate content writer for Marketplace Homes. She has several years of experience working in real estate teams that specialized in investments and property management. Before she joined MH, she was a freelance writer for 7 years, providing real estate and home living content for boutique digital marketing agencies.
She is a proud University of Virginia Masters graduate and enjoyed her undergraduate years at the University of Mary Washington. When she is not writing, she is playing keyboard in a local 90’s band in central Virginia or spending time with her amazing family.