PO Box A

112 S. York Rd

Hatboro, PA 19040

Miller and Cornell Inc.

DWELLING INSURANCE

What is landlord insurance?
 
Landlords are covered under something called a dwelling policy.
Dwelling policies are mainly used by landlords who rent out an investment property or someone who owns multiple properties. People generally find themselves first needing a dwelling policy when they purchase their second property and they are told by their agent that it is ineligible for a homeowners policy. Don't worry dwelling policies shouldn't cost more than a homeowners policy, in fact, they could be lower. Homeowners policies are just designed for owner occupied dwellings and sometimes you own a property that you don't live in. 
 
A dwelling policy covers you for liability claims and covers the structure of the building the same as a homeowners policy from all the normal perils, fire, wind, water, theft, vandalism, etc depending on the policy you choose. It has some features that are more specific to a non-occupied owner, like rental income and a lower contents limit. 
Things to keep in mind when shopping
  • Make sure to tell your agent how much personal property you are keeping on the premises. Things like appliances, lawn care equipment, tools and furniture. Unlike homeowners policies, a personal property limit isn't automatically included so speak up about what you own at the property to make sure it is properly covered.

  • Your tenants personal property is not covered under your dwelling policy. Any personal property covered under the policy is for items owned by the property owner. The tenant needs their own renters policy to cover their things. That isn't the only reason to have your tenant get a renters policy...

  • By making sure your tenant has a renters policy, they will have their items covered AND have liability coverage. That way if the tenant accidentally causes damage to your dwelling (kitchen fire, kid flushes toy causing water damage, you will know that you can get paid out by their insurance company.