Contact a Licensed Agent: 1-800-452-6826

Bancorp Insurance

Comprehensive Insurance Programs for Business, Auto, Home, Life and Health

Personal Insurance

Landlord Insurance

Your rental property is a serious investment. A standard homeowners policy won’t protect it. Landlord insurance is purpose-built to cover the unique risks of renting out residential property.

⚠️ A standard homeowners policy is designed for owner-occupied homes. If tenants are living in your property, you likely need a landlord (dwelling fire) policy — or risk a denied claim.

Homeowners vs. Landlord Insurance — What’s the Difference?

The moment you place a tenant in your home, your insurance needs change. Here’s how the two policy types compare:

Coverage AreaHomeowners PolicyLandlord Policy
Dwelling / Structure✅ Yes✅ Yes
Owner’s Personal Property✅ Yes✅ Landlord-owned items (appliances, etc.)
Tenant’s Personal Property❌ Not covered❌ Tenant’s own policy needed
Liability ProtectionPersonal liabilityPremises + personal liability, wrongful eviction, wrongful entry
Loss of Rental Income❌ Not covered✅ Fair rental value coverage
Inflation ProtectionVaries by carrier✅ Included — keeps pace with rising repair costs
Designed For Rental Use❌ Owner-occupied only✅ Built specifically for rentals

What Landlord Insurance Covers

Our landlord program is designed to protect your investment property from the specific risks that come with having tenants.

🏘️

Dwelling Coverage

Covers the physical structure of your rental property against fire, wind, hail, lightning, vandalism, and other covered perils. Protects your most valuable asset — the building itself.

⚖️

Premises & Personal Liability

Extensive liability coverage including protection against bodily injury, property damage, libel, slander, wrongful eviction, and wrongful entry claims. Also covers you and your spouse or domestic partner.

💰

Fair Rental Value

If your rental unit becomes uninhabitable due to a covered loss — fire, storm damage, etc. — this coverage reimburses the rental income you lose while repairs are being made. Your mortgage doesn’t stop; neither should your protection.

📈

Inflation Protection

Construction costs fluctuate — sometimes dramatically. Our inflation protection keeps your dwelling coverage limits in step with rising repair and rebuild costs, so a spike in material or labor costs doesn’t leave you underinsured.

🧰

Landlord-Owned Personal Property

Appliances, equipment, and furnishings you provide for tenant use — microwaves, refrigerators, washers, and dryers — can be covered under your landlord policy. These items are not covered under your personal homeowners policy once rented.

🔒

Vandalism & Malicious Damage

Unfortunately, tenant disputes can sometimes lead to intentional property damage. Landlord policies can include coverage for vandalism and malicious acts that a standard homeowners policy may exclude for rental properties.

Require Renters Insurance from Your Tenants

One of the smartest risk management moves a landlord can make is requiring tenants to carry their own renters insurance policy. Here’s why:

  • Tenants’ belongings are not covered under your landlord policy
  • Tenant liability claims can implicate you as the property owner
  • Renters insurance can prevent minor claims from escalating
  • Most renters policies are $15–$30/month — very affordable
  • You can require it in your lease agreement
💡

Pro Tip for Landlords

Add a lease clause requiring tenants to maintain a renters insurance policy with minimum $100,000 in liability and provide you with proof of coverage at move-in and at each renewal. We can help your tenants get coverage too.

Frequently Asked Questions

Can’t I just use my homeowners policy on a rental property?
No. Standard homeowners policies are designed for owner-occupied homes. If you’re renting to tenants and your carrier discovers it, your claim could be denied — and your policy could be cancelled. Once tenants occupy the property, you need a landlord or dwelling fire policy specifically rated for rental use.
Does landlord insurance cover my tenant’s belongings?
No. Landlord insurance covers the structure and your property as the owner — not your tenants’ personal possessions. Tenants need their own renters insurance policy for their belongings, liability, and temporary housing. We recommend requiring it in your lease.
What is fair rental value coverage and how does it work?
Fair rental value coverage (also called loss of rents coverage) reimburses you for rental income lost when your property becomes uninhabitable due to a covered loss — like fire or storm damage. It covers the period from the date of loss until the property is restored to habitable condition. Your mortgage obligations don’t pause, so this coverage is critical.
Does landlord insurance cover wrongful eviction claims?
Yes. Our landlord liability coverage includes protection against wrongful eviction and wrongful entry claims — risks that are unique to landlords and not covered under standard homeowners policies. It also includes libel, slander, and other personal injury claims.
I have multiple rental properties. Do I need a separate policy for each?
Generally yes — each property requires its own policy with coverage appropriate to that location and structure. However, some carriers offer landlord package programs for multiple properties that can simplify administration and offer pricing advantages. Ask your Bancorp agent about your options if you own multiple rentals.
What happens if my rental property sits vacant between tenants?
Vacant properties carry different risks than occupied ones, and some landlord policies have vacancy exclusions or clauses that limit coverage after 30–60 days of vacancy. It’s important to notify your agent if your property will be vacant for an extended period so the appropriate coverage can be maintained.

What Our Clients Say

Trusted by landlords and property investors across the country.

Protect Your Rental Investment

Your rental property works hard for you. Make sure it’s properly protected with a landlord policy designed for the real risks of renting — not a homeowners policy that leaves you exposed.