What is landlord insurance, and do you need it for a rental property? If you own a home, apartment, condo, or other property that you rent to tenants, a standard homeowners' insurance policy may not provide the protection you need. A landlord insurance package is designed specifically for rental properties and can help protect the building, your liability, and certain income-related risks if a covered loss affects your property.

A few examples of losses or exposures that are covered in a Landlord Package Policy include:

• Loss of rent resulting from an insured loss
• Buildings with one or several units
• Varied residential or commercial occupancies
• Legal liability resulting from the activities of tenants
• Uninsured or underinsured repairmen

Landlord Package Insurance primarily protects you against loss to rental property, but it can also provide adequate insurance limits to protect your other assets from legal liability associated with rental activities. Despite the fact that renting residences to others is a business activity, many insurance companies consider the rental of four or fewer units to be a personal matter.