Coverage · Rental property
Coverage for the two-flat, the condo you rent out, and everything between.
Chicago runs on small landlords. A tenant-occupied property needs a different policy than the home you live in, and using the wrong one is how claims get denied.
What it covers
Dwelling
Rebuilds the property after covered damage, written on a landlord policy that expects tenants to live there.
Loss of rents
Replaces the rental income while the property is unlivable after a covered loss. For an investment property, this is the coverage that protects the investment.
Premises liability
Protects you when a tenant or visitor is injured on the property. Stairs, porches, and sidewalks are where landlord claims live.
Landlord property
Appliances, and anything else you own on site for the tenants' use.
Water backup
Basement units make backup coverage more important on rental property, and the standard policy excludes it.
Worth knowing
What a licensed agent watches for
A homeowners policy does not cover a rental
Renting out a property you insure as owner-occupied gives the carrier grounds to deny a claim. If tenants moved in after you bought the policy, that is worth a call this week.
Require renters insurance in the lease
Your tenant's own policy pays for their belongings and their liability first, which keeps small incidents off your policy and your loss history clean.
Umbrella coverage stacks on top
Landlords carry more liability exposure than most people. An umbrella policy adds a million dollars of protection above your landlord and personal policies for a modest premium.
Common questions
Yes. A tenant-occupied unit needs a landlord policy, and your tenant needs their own renters coverage. Insuring it like you still live there risks a denied claim.
No. Your policy covers the building and your liability. Tenants cover their own property with renters insurance, which is why leases should require it.
Airbnb-style rental is a different exposure that many landlord policies exclude. Tell us how the property is used and we will match the policy to reality.
Related coverage
One call does it.
Sixty seconds to start. A licensed agent does the rest.