Landlord Insurance from Massachusetts Specialists

Proudly Providing Landlord Insurance to Businesses in Massachusetts & Many Other States Across the Nation

What is landlord insurance?

Investing in rental properties can be a strong long-term financial plan, but it’s essential to make sure an accident or other incident doesn’t negate any gains earned. To help protect their investments against a range of risks, landlords in Massachusetts can get landlord insurance.

Landlord insurance may insure rental properties against fire, lightning, wind, and many other potential causes of damage. Policies often can insure a landlord and their income, too. 

Which landlords in Massachusetts need to have landlord liability insurance?

Landlord liability insurance is broadly recommended for most Massachusetts landlords. Without liability insurance, even a simple slip-and-fall accident could result in enormous costs.

In addition to liability insurance, it’s strongly recommended that most landlords also have property coverage for their rentals. Lenders commonly require coverage when financing properties, and coverage is generally recommended regardless.

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What types of properties can landlord policies cover?

Landlord policies are primarily for smaller rental properties, namely those with fewer than five units. Landlords should be able to find policies for single-family homes, condominiums, townhouses, duplexes, and three- and four-unit buildings.

A slightly different policy might be needed for properties that have five or more units.

Can landlords with mixed-use properties use a landlord policy?

Landlord policies normally aren’t intended to cover commercial spaces, including those that are part of mixed-use properties. Landlords who have mixed-use properties usually need a broader policy that can cover both residential and commercial spaces.

What coverages can landlords get through landlord policies?

The coverages that landlord policies make available might protect the building, the renal income, and the landlord. Some coverages that are commonly available include:

• Property Damage Insurance: Might insure the rental property itself against damage. The coverage may also protect a landlord’s items kept at the property, such as lawn and snow equipment, HVAC systems, appliances, and furniture.
• Legal Assistance Insurance: Might insure against legal fees not related to liability lawsuits filed against the landlord. For instance, this might help pay costs incurred when pursuing evictions or judgments.
• Loss of Rental Income Insurance: Might insure against income losses when a disaster makes a property temporarily uninhabitable.
• Rent Guarantee Insurance: Might insure against income losses when tenants don’t pay their due rent.
• Landlord Liability Insurance: Might insure against lawsuits filed against the landlord as a result of someone’s injuries, such as if a tenant or guest is hurt on the property.
• Commercial Umbrella Insurance: Might provide an additional layer of protection if the landlord liability insurance limit is exceeded.

Do landlord policies cover water damage that rental properties sustain?

Whether landlord policies cover water damage depends on the policy and the source of the damage. Separate flood insurance is usually needed for protection against flood damage, as this is normally excluded by a landlord policy. Water damage caused by plumbing issues might be covered, depending on the protections and terms of a policy.

A knowledgeable insurance agent should be able to help landlords find coverage for either or both types of water damage.