Limited contents policies (or basic landlord insurance) is coverage for unfurnished units, which will cover the main improvements on your land, including the building you rent out, garages, sheds, swimming pools, and other permanent or semi-permanent structures. Basic policies do not cover the contents of the rented house.

Full contents policies (or basic plus contents) is coverage for furnished units, which will cover appliances, furniture, etc. inside your rental property. It will also cover any malicious damage your tenants cause to the property and your belongings.

Landlord liability insurance is coverage for expenses if a tenant or one of their guests sues you for injuries to themselves on your property and the injury was caused by something on your property. These expenses could include medical expenses, time missed from work, and more.

Your tenant can sue you for damages while living in your home, refuse to pay rent, and ignore your notice of eviction. In such cases, and many others, you will need legal representation. Court costs can be expensive, especially if you lose. This policy extra will cover any expenses related to your legal defense.

Loss of rental income coverage will pay you the income you lost due to many things such as fires, floods, earthquakes, and other natural disasters as you are making repairs to the building.

Water damage coverage is an optional coverage that protects you from water damage due to backups, plumbing accidents, spills, sewage drains, and wells. Remember that this coverage does not include flooding. Flood coverage is another optional coverage you should consider.

Yes. Condos come with general building insurance, but you need more protection as a landlord. Consider a condo insurance policy to provide coverage for improvements on your unit (or units), personal liability, legal aid, and your personal property.

Yes. The area your rental property is in will play a large role in the coverage you need. For example, if you live in an extremely dry area, you do not need flood insurance. But, if you live on the coast, you may want to make sure you are protected in the event of a flood. Damage from earthquakes is also something to consider. Any type of potential disaster related to the area your rental property is located is what you need to consider.