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What is Landlord Insurance Policy?

Landlord Insurance is a special type of home insurance policy that covers the home owners from financial losses that they might incur with rental properties. This policy will cover standard fire and allied perils and also theft and malicious damage.

Information about Landlord Insurance

As the popular modern proverb goes, “The best investment on land is land”. Most of the times, a property is an asset whose value increases over time. It is no surprise that a lot of people choose to invest their savings in properties. Renting out properties have become the norm since home owners are not always able to occupy the properties that they own. But, the real question is whether the tenant will care for your house as you will do.

A landlord insurance will offer you complete peace of mind as it covers you from all the risks that you might face from renting out your property. In case your rental units become uninhabitable because of minor or major mishaps, a landlord insurance will help you cover the loss of rental income also.

What Does Landlord Insurance Cover


Your insurer may offer you any or all of the following coverage options when it comes to landlord insurance.

  • Damage to Property
  • This will cover the damage to the structure of the buildings and the personal property in case of fire, theft, storm, vandalism or tenant damage. In case of a total loss, your landlord insurance policy will ideally cover the replacement costs for your whole property.

  • Cover against Loss of Income
  • Landlord insurance will help you recompense the loss of income in case your rental property becomes uninhabitable due to an insured loss like storm or fire. The rental reimbursement will prevent you from losing the rental income.

  • Liability Insurance
  • Liability cover under landlord insurance will help you cover the expenses, claims and lawsuits associated with a third-person bodily injury that happens on your property. If you are found responsible for other person’s damage as a landlord, liability insurance will cover you. For example, if you neglect to fix a rusty pipe and it destroys a tenant’s valuable documents, the tenant can file a liability claim can be filed against you. In such cases, a landlord insurance will cover you against the expenses that you will incur.

  • Add-On Coverage
  • You can also opt for additional coverage such as natural disaster insurance, employer liability insurance, rent guarantee insurance and landlord contents insurance. The add-on covers offered can be customized as per your requirements.

Why do I need Landlord Insurance?

As explained above, a landlord insurance will cover you against property damage and also from liability claims. Let us consider a few illustrations that explain how landlord insurance works.

  • Damage to Property
  • In case an apartment fire accident occurs resulting in substantial damage, the landlord insurance will pay for the repairs and rebuilding. However, the property damage coverage does have set limits and you must be informed of the coverage limits. Also, you need to pay your insurer, the deductible amount before you can make a claim and get reimbursement.

  • Loss of Rental Income
  • If you property has faced a damage due to say, a lightning strike, it may take some time for you to repair the property. The insurance will compensate for the rent that you will lose because of repairs.

  • Tenant Damage
  • Sometimes the landlord insurance will also cover the damages done by a tenant. You can also secure a rental deposit when your tenant signs a lease agreement.

  • Landlord Liability
  • Let’s say a tenant or a visitor is injured because of an accident that happens on your property premises, like because of a broken stairway, you will have a liability claim. If the negligence is egregious, the third-party may file a lawsuit against you. The liability cover will protect you against the expenses that you might incur because of such incidents.

Importance and Benefits of LandLord Insurance

  • Landlord insurance will guard you against the financial losses resulting from natural disasters, injuries, accidents and other liability issues.
  • It will also offer reimbursement for loss of rent,
  • Repairs and replacement of your property will be covered under landlord insurance.
  • When you do not occupy your property and your tenant damages your property, you will have to spend from your own pockets which might prove to be costly.
  • Normal home insurance will not cover the loss and damage to your rental property and will mostly not cover liability claims.

How Much Does Landlord Insurance Cost?

Some of the factors that affect the premium costs for your landlord insurance is described below.

  • Size of the property
  • Geographical location and known risks in the area
  • Number of rental units
  • Whether you have installed security systems like burglar alarms
  • Type and Coverage amount offered by the landlord insurance policy

As a landlord, you have to prepare for more than a dripping pipe. It is your duty to safeguard your home, your most dear asset against any damage. A landlord home insurance will help you do the same and will also reduce your worry and expenses regarding any damage to the rented property.

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Customer Reviews

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  • ICICI Lombard Home Insurance
    "Unhappy"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with ICICI Lombard for home insurance because the premium is very higher and the claim was not good. I will not recommend and would suggest to go with LIC housing. The premium is 1.30L for 7 years where LIC is charging 60k for 12 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Sep 24, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I got a home insurance from HDFC ERGO recently and they have been charging be monthly 506rupees which is reasonable and the payment mode is ECS. They have provided me an insurance for 5 years. I have no issues with the service. I don't have claim experience.
    Was this review helpful? 1
    , mumbai
    Reviewed on Sep 14, 2019
  • review Home Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    When i taken the home loan, they have provided me a home insurance with Reliance. They have provided me a coverage value of Rs. 70 lakhs which is my loan amount. In one shot, i have paid the amount of Rs. 1 lakhs which covers for 15 years. It covers only for the house.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jul 26, 2019
  • Bajaj Allianz Home Insurance
    "Required policy"
    0.5 5.0/5 "Blown Away!"
    It was very fast and i didn't run for any kind of documentation part. Since i took the home loan from Bajaj Finance, they have provided me a home insurance policy with them. I'm not sure about the premium amount. This policy has a coverage of 100% including the hold things.
    Was this review helpful? 1
    , secunderabad
    Reviewed on Jul 24, 2019
  • HDFC Ergo Home Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    I have a home insurance with HDFC ERGO GENERAL INSURANCE where the premium paid was 2-3K where the duration of the policy is was 5years but i have canceled the policy within 1 month. The documents submitted was basic documents, but i am not satisfied with the policy.
    Was this review helpful? 1
    , pune
    Reviewed on Jul 13, 2019
  • Tata AIG Home Insurance
    "Super Insurance "
    0.5 5.0/5 "Blown Away!"
    When i purchased my home loan, they have provided me a home insurance from TATA AIG. I have paid the premium amount of Rs.12000 but i have chosen the monthly payment mode and that will be deducted from home loan EMI. They told me a coverage of 20 lakhs like the current value of my house. Its included for the theft cover also. I have a 8 benefits from this policy like theft coverage, fire cover, builder problem etc.,
    Was this review helpful? 1
    , navi mumbai
    Reviewed on Jul 04, 2019
  • review Home Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    When i taken my home loan, they have given me a home insurance along with the home loan. Since its a compulsory policy, i have purchased the loan. I'm not sure about the insured period. Overall, I'm satisfied with the policy. This policy is covered 100% for the home not for the products.
    Was this review helpful? 1
    , chennai
    Reviewed on Jun 24, 2019
  • Bajaj Allianz Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    Its having higer coverage of 2L and the policy is valid for 25 years. Bajaj Allianz has charged me 25K yearly and the benefits are good. It was provided along with my home loan. They have provided me a good service. The documents has been provided to me on time.
    Was this review helpful? 0
    , vadodara
    Reviewed on Jun 22, 2019
  • HDFC Ergo Home Insurance
    "Excellent service"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC,LTD they have asked me to take a house insurance policy. I pay the premium amount nominal which is applicable till my loan tenure period. It use to get auto debited from my account. They have given me a coverage upto Rs. 5 lakhs for 10 years .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • HDFC Ergo Home Insurance
    "Complicated policy"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC, they have asked me to take a life insurance policy. I pay the premium amount of Rs. 50000 which is applicable till my loan tenure period. They are deducting the insurance premium amount from loan premium amount. They have given me a coverage upto Rs. 4 lakhs.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • review Home Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I got a home insurance from SBI General Insurance and they have charged 50K for the insurance which was little bit higher when compared to others. They have not sent the insurance paper yet. The policy is valid for 15 years. It covers fire accidents, natural calamities and everything.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • review Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health Insurance through Royal Sundaram through Online .I am paying a premium of Rs. 15000 it is a 1year nee to renew each year ,I am paying through by online ,This insurance was referred by Citi Bank .I have not faced any issues so far on using this policy .There are cashless facility as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 31, 2019
  • ICICI Lombard Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health insurance policy since got call from ICICI Lombard hence taken the policy.This is a 1year policy need to renew the policy every year ,There is cashless facility on this policy ,premium is very nominal it is Rs.13000 paying through auto debit .I have got the policy documents on time ,Submitted documents also and not gone for any claim so far.
    Was this review helpful? 0
    , thane
    Reviewed on May 28, 2019
  • Tata AIG Home Insurance
    "Good for home protection"
    0.5 5.0/5 "Blown Away!"
    Tata Aig home insurance policy has the tenure of 15 years, when I took home loan from Axis they took around Rs. 25,000. Its covers rain, riots, terrorism, natural calamity, fire everything come under this, hence its a good protection for me.
    Was this review helpful? 2
    , bangalore
    Reviewed on May 13, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a Home insurance from HDFC ERGO while taking the home loan. The policy is valid for 5years and the premium is reasonable. They have charged me 69K and have received the soft copy of the insurance. The policy coverage is good and it includes natural calamities and fire accident.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 30, 2019
  • HDFC Ergo Home Insurance
    "Good. Can work on the charges"
    0.5 4.0/5 "Great!"
    HDFC Ergo home insurance policy is good and there is a coverage for five years, and I can renew it if I wish too. I also have the option to continue till the loan gets completed. The total amount is of 1.11 Lakhs. I need to pay 700rs on a monthly basis. I suggest that the charges should be on a lower side.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 29, 2019
  • Bharti Axa Home Insurance
    " Premium should be economical"
    0.5 4.0/5 "Great!"
    I paid premium of Rs.1.5 lakh to Bharti Axa for home insurance it has the tenure upto loan end peroid of 20 years. I believe its covers all natural calamities like earth quake, the premium is huge as compared to others. I got the policy paper through PNB Housing,
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    They have charged me a premium of 1.4L for the home insurance which is 26 years. I have received the insurance paper from HDFC ERGO. Actually the premium is on higher side when compared to other insurer but have no other go. The customer service is always good. They have given me better benefits but still looking for bit more.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 29, 2019
  • review Home Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I do have a home insurance with SBI GENERAL INSURANCE and it was offered along with the home loan. They have charged me 6K for 15 years. I have no claims till now. I have received the insurance documents. It has lot of benefits. I have not contacted the customer service.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 15, 2019
  • review Home Insurance
    "Good for future"
    0.5 4.0/5 "Great!"
    I don't have any experience of claiming anything in this policy. Its covered with the complete home and products like all the electronic items. I have made the one time premium amount of Rs. 35000 for 25 years. They have given me a coverage amount of Rs. 16 lakhs. When i avail my home loan they have offered this policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 29, 2019
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