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What is Landlord Insurance Policy?

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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.

Customer Reviews

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  • HDFC Ergo Home Insurance
    "Should be transparent"
    0.5 2.0/5 "Expected more"
    I took home insurance from HDFC Ergo by paying the premium around Rs. 3 lakhs. In the beginning they were communicated the policy for whole 25 years, now they were telling its only for 5 years. If I want to continue then I need to renew it. The policy is good it covers all natural calamities, fire, rain etc. But they should be transparent in their communication.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 03, 2019
  • ICICI Lombard Home Insurance
    "Good Service provider"
    0.5 5.0/5 "Blown Away!"
    ICICI lombard gave me the medical coverage of Rs. 5 lakhs its entire family. The brand value is good to tie reputed hospital in area. Once I used the policy for dengue fever, they gave me cash less treatment for 10 days, they didn't charge any money. I just submitted medical card and id proof.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 10, 2018
  • HDFC Ergo Home Insurance
    "I want to top up my Home loan to HDFC bank home loan departm"
    0.5 4.0/5 "Great!"
    Very good response by bank bazaar to connect HDFC bank home loan web site, very quick response by Bank Bazaar, Iam very happy to say if bank authorities will reply my application I am very thankful to you bank Bazaar.------------------------
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 06, 2018
  • HDFC Ergo Home Insurance
    "Good Protection for House"
    0.5 4.0/5 "Great!"
    While I was taking loan from HDFC bank they taken amount for the home insurance for the tenure period of five years. I think they gave me the cover for different calamities, glass, raining, fire etc. But I thought for long tenure but they gave minimal tenure period for the home protection.
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 05, 2018
  • review Home Insurance
    "Safe and secured"
    0.5 4.0/5 "Great!"
    I have paid Rs. 50 to 60k premium for home insurance in SBI General for the tenure of 20 years, they give coverage for natural calamities. The documentation process was smooth and they gave me good policy coverage based on the home valuation.
    Was this review helpful? 0
    , pune
    Reviewed on Sep 29, 2018
  • review Home Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a home insurance from the New India Assurance. Considering the nominal premium I pay, the policy offers complete protection for the house and the entire appliances. It is a very useful policy in case of any mis happenings.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 28, 2018
  • HDFC Ergo Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have recently got a home insurance with HDFC ERGO one month back, i am satisfied with this insurance policy. I am not aware of the premium amount for this insurance policy. I was informed about the terms and conditions of this policy from the customer service team.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jun 05, 2018
  • ICICI Lombard Home Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have a home insurance with ICICI Lombard from last 16 years, they gave the soft copy and hard copy of the insurance on time. A premium of Rs 3130 has to be paid for this home insurance for 15 years. I am happy with the coverage value of this insurance policy.
    Was this review helpful? 1
    , coimbatore
    Reviewed on May 24, 2018
  • HDFC Ergo Home Insurance
    "Good policy to use"
    0.5 3.0/5 "Satisfactory"
    I need to pay the premium amount of Rs,10,000 every year to the home insurance policy . The HDFC ergo has gave me the home insurance policy around 2 years ago. The customer support service is good from the HDFC ergo and I pay the premium amount through ECS mode. This policy has the tenure of 10years.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 03, 2018
  • review Home Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    I have insured my home with the SBI general insurance company. I have got this policy around 5 years ago. This policy has the tenure of 20yeras. I have paid Rs,55000 and it is valid for next 20years and I would say it is a good policy to use, but I never had any claim experience with this policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 25, 2018
  • HDFC Ergo Home Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a home insurance with HDFC ERGO from last 5 years, i have to make an one time payment for Rs 25000 for this home insurance. I find this insurance policy is best when compared to other insurance companies. I am happy with the coverage value of this insurance.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 12, 2018
  • HDFC Ergo Home Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    HDFC ERGO GENERAL INSURANCE company has insured my home because I have got the Home loan from the HDFC limited. I have got the Home insurance policy around 7 months ago from the HDFC ERGO GENERAL INSURANCE company, This policy has the tenure of 25years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 27, 2018
  • review Home Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a home insurance with National insurance from last 7 years and it is a good insurance policy. I pay an insurance amount of Rs 7000-8000 for this home insurance. I do not have claim experience so far with this insurance. Customer service was good and they gave all the right information. I am happy with the coverage of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 26, 2018
  • review Home Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    At that time loan disbursement the agent of DFHL cleared all the formalities in getting the home insurance from the CHOLAMANDALAM GENERAL INSURANCE company. I have paid Rs,1,00,000 to get the home insurance policy from the CHOLAMANDALAM GENERAL INSURANCE company.
    Was this review helpful? 2
    , mumbai
    Reviewed on Mar 16, 2018
  • ICICI Lombard Home Insurance
    "Home insurance with ICICI LOMBARD "
    0.5 4.0/5 "Great!"
    I have taken a home insurance from ICICI LOMBARD GENERAL INSURANCE and the premium amount is 550 for a month. This insurance policy covers the damage to the house, any robbery to the house.For natural calamities they wont provide any coverage.
    Was this review helpful? 2
    , vadodara
    Reviewed on Mar 12, 2018
  • HDFC Ergo Home Insurance
    "HDFC ERGO Home insurance"
    0.5 3.0/5 "Satisfactory"
    I have taken a home insurance from HDFC ERGO GENERAL INSURANCE. The premium amount is 1800 per month. They provide insurance for damage of the property. If i loss the job then, for 3 months then the EMI have not to be paid. If death happen to me then they will waive off the loan and the property documents will be returned no need to pay the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 07, 2018
  • Bajaj Allianz Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken a Home insurance with Bajaj Allianz,The policy is for 15 years i paid a premium amount of 8,000.I have no claim experience with till date this was taken since 2013.The premium amount is registered for an auto debit.The customer service is good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 02, 2018
  • review Home Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have insured my home from the NATIONAL INSURANCE company. I have paid Rs,6000 to get this policy . This policy has better plan benefits and the policy coverage with this policy. This policy has the life time tenure . I would say NATIONAL INSURANCE company gives good service to the customers.
    Was this review helpful? 1
    , bhimavaram
    Reviewed on Feb 12, 2018
  • review Home Insurance
    "Better policy to use"
    0.5 5.0/5 "Blown Away!"
    The SBI general insurance has offered me a home loan and they have insured my home as well. This home insurance has the tenure of 15years. The policy coverage and the plan options are good with the SBI general insurance company and I am satisfied getting the home insurance policy with the SBI.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 30, 2018
  • ICICI Lombard Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have the Home insurance policy around 10 months ago from ICICI LOMBARD GENERAL INSURANCE. I have paid Rs,48,000 to this home insurance policy . This policy covers the life time tenure. The plan options and the coverage is good with this policy.
    Was this review helpful? 4
    , salem
    Reviewed on Jan 17, 2018
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