To summarize the different types of insurance:
- Rental Protection is lease insurance that covers unpaid rent, damages to the property in excess of normal wear and tear, and eviction costs
- Homeowners insurance typically helps cover the house and its contents, as well as other structures on the property like fences, from damages like smoke, fire, or other covered perils. To purchase homeowners insurance, you must live in the property
- Landlord insurance, also known as dwelling insurance, is specifically for cases where you rent out your entire home to tenants. It is similar to homeowners insurance, except that contents are not covered because the owner is not residing in the property. It may also cover property that is rented to the occupants – for example, furniture in a furnished rental or equipment such as a lawnmower that’s used to service the rental
- Renters insurance protects your tenant’s property, and provides them with some liability protection.
The chart below directly compares Rental Protection to landlord insurance:
For more details on the differences between these insurance types or to understand your homeowners or landlord policies, please speak with your insurance agent.
Coverage is subject to policy terms, limitations, conditions, and exclusions. Descriptions of coverage are for informational purposes only and do not alter any insurance policy or guarantee any specific price, quote or coverage. For a complete understanding of the coverage available, please review the terms, conditions, definitions, and exclusions of your Rental Protection insurance policy.