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Insurance for the property you rent out

A homeowners policy covers the place you live. Rent a property out and it needs a landlord policy: the building, the rent you'd lose while it can't be lived in, and your liability as the owner.

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What a rental property policy can include

  • The building

    Repairs or rebuilds the structure after a covered loss like fire, wind, or a burst pipe. We write it at replacement cost, not what you paid for the property.

  • Lost rent

    Pays the rent you would have collected while the unit is being repaired and can't be lived in. Often the coverage landlords are gladdest to have.

  • Liability as the owner

    Defends and pays if a tenant or a visitor is hurt on the property and you're held responsible, from a fall on the stairs to a dog bite in the yard.

  • Other structures

    The detached garage, the shed, the fence, the driveway: the things on the lot that aren't the house itself.

  • What you own in the unit

    Appliances, a furnished unit's furniture, and the mower and tools you keep on site for maintenance.

  • Ordinance or law

    Pays the extra cost of rebuilding to today's code, which matters on the older two- and three-families common around Norton, Taunton, and Attleboro.

Coverage varies by carrier and policy. We'll walk you through exactly what yours includes.

A landlord policy is a different policy

It’s easy to assume the coverage follows the building. It follows how the building is used. Once tenants move in, the owner’s exposure changes: you’re no longer insuring your own belongings so much as the structure, the income it produces, and your liability to the people living there. Carriers price that differently, and a homeowners policy left in place on a rental is one of the more common ways a claim gets denied.

Older buildings, Massachusetts rules

Much of the rental stock around here predates 1978, which brings in the state’s lead law, and a good deal of it predates current building code, which is why ordinance or law coverage is worth more on a Norton three-family than the premium suggests. We’ll tell you where your building sits on both, and what each carrier wants to see before it will quote.

What affects your price

The age and construction of the building, how many units it has, the condition of the roof, heating, and electrical, whether it’s on municipal water and sewer, the deductible you choose, your liability limit, and your claims history. Owning several properties usually helps: we can often put them on one schedule with one renewal date.

Rental Property insurance questions

Can I keep my homeowners policy if I move out and rent the house?

No. A homeowners policy is written for an owner-occupied home, and a claim on a property you've rented out can be denied. Tell us before the first tenant moves in and we'll switch it to a landlord policy, usually for less than the homeowners policy cost.

What about lead paint?

Massachusetts has one of the strictest lead laws in the country, and an owner can be held liable for a child's lead poisoning regardless of what they knew. Carriers commonly exclude lead liability on a pre-1978 rental that isn't in compliance. If you hold a Letter of Compliance or Letter of Interim Control, send it to us; it changes what we can get covered and what it costs.

Should I make my tenants carry renters insurance?

Yes, and put it in the lease. Your policy doesn't cover a tenant's belongings or their liability, and their renters policy is the first line of defense when a tenant causes damage. Ask to be listed as an additional interest so you're told if it lapses.

I own a five-unit building. Is this still the right policy?

Usually not. One to four units is normally written as a dwelling policy. At five or more, or with a storefront on the ground floor, it becomes commercial property and we'd quote it that way. Either way we shop it the same.

I list the place on Airbnb. Does that change anything?

Yes. Most landlord policies are written for a long-term lease and exclude short-term rental activity, so a claim during a guest's stay may not be covered. Say so up front and we'll place it with a carrier that allows it.

Often paired with rental property

Ready to see what you could save?

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