(800) 956-3728 Landlord Insurance
Protection for property owners
Your rental property is more than just a way to generate extra income.
It’s an investment in your future. Guard your assets and mitigate the potential for financial losses with landlord insurance from Mercury.
Landlord insurance, also known as rental property insurance, protects property owners who lease out single-family homes, duplexes, triplexes, and fourplexes against financial losses resulting from damage to the residence. Coverage can also extend to surrounding permanent structures on the property, such as a shed or garage.
What Does Landlord Insurance Covers
A landlord rental insurance coverage plan helps cover costs to repair your rental if it is damaged by fire, lightning, wind, hail, or any other covered losses. Along with safeguarding your property, landlord insurance includes premises liability protection that covers you in the event someone gets injured on your property and you are held legally liable for the injury.
If your tenant falls down the steps at your rental house and a court finds you failed to maintain the stairs or repair a broken railing, you could be held legally responsible for your tenant’s medical and legal costs. Landlord premises liability coverage may help pay for those expenses.
Fair rental value coverage provides for lost rental income while your rental property is being repaired as a result of a covered loss.
Personal property coverage is also available to protect any household furnishings and appliances owned by you that are damaged in a covered loss. If you provide a refrigerator, washer, and/or dryer for your tenant and those appliances are damaged in a covered loss, they can be repaired or replaced subject only to your deductible and policy limit.
Here’s a list of some of the landlord insurance coverage1 options available from Mercury
Call (844) 837-3114 today to speak to a Mercury Insurance agent to get the coverage you need.
- Dwelling: Covers damage to your property due to fire, lightning, smoke, wind, sudden and accidental plumbing leaks and other covered perils.
- Additional Replacement Cost: Provides additional coverage up to 150% of the dwelling's policy limits to rebuild the home in the event of a covered loss.
- Other Structures: Coverage for structures on your property that are not attached to the home. These structures may include a detached garage, fence, tool shed, gazebo, driveway, or swimming pool.
- Personal Property: Provides coverage for your household items in your property in the event of a fire, lightning, smoke, wind or other covered loss. Coverage for on-premises theft is available — speak to your Mercury agent for details.
- Fair Rental Value: Pays for the fair rental value of the property if it is damaged and rendered uninhabitable due to a covered loss. Coverage for extended fair rental value is available. Speak to your Mercury agent for details.
- Premises Liability: Provides bodily injury and property damage protection arising from the ownership or use of your rental property.
- Medical Payments: Pays medical expenses for persons or guests that are injured on your property. This coverage does not apply to tenants or anyone else who are regular residents of the property.
- Personal Injury: Landlord personal injury coverage protects you from claims of libel, slander, wrongful eviction, and invasion of privacy.
- Loss Assessment: Provides additional coverage in the event your homeowners association levies an assessment on each homeowner to make common area repairs due to a covered loss.
- Service Line Protection: Provides coverage for repair of your water, gas, electric, and sewer lines.
- Home Systems Protection: Covers a wide range of critical systems, appliances, and electronics.
1Please note that coverage options, restrictions, and limitations vary from state to state. Ask your local Mercury agent for more information.
Great Coverage at the Right Price
Mercury is dedicated to providing you with the right coverage while at the same time saving you money. We offer some of the lowest rates around, but you could save even more money with our popular discounts.
- Multi-Policy (Auto or Homeowners + Landlord)
- Protective Devices (fire, theft, water leak detection)
- Loss Free
- Property Management
- Renters Insurance
Help protect your property with a landlord insurance policy from Mercury. Call (844) 837-3114 today to speak to a Mercury Insurance agent and get a landlord insurance quote in just a few minutes!
Frequently Asked Questions
What is landlord insurance?
Landlord insurance is a type of insurance made for property owners who rent out homes, apartments, or other residential spaces. It helps cover situations like property damage from fire or storms, liability claims if someone gets hurt on the property, and lost rental income if your place becomes unlivable due to a covered event.
How much is landlord insurance?
Landlord insurance costs about 25% more than a standard homeowners insurance policy due to the increased risks of renting, according to the Insurance Information Institute (III). However, the exact rate varies depending on factors like the property’s location, size, condition, rental income, and coverage. To get the most accurate price, it’s best to get a customized landlord insurance quote.
What is eviction insurance for landlords?
Eviction insurance helps landlords cover legal expenses that come up when they need to evict a tenant, such as attorney fees and court filing costs. Most basic landlord policies don’t include this by default, but some insurers offer it as an optional add-on. If you’re worried about potential legal costs, ask your agent if eviction coverage is available.
Do I need landlord insurance for short-term rentals?
Yes, you should have landlord insurance if you rent out your property on a short-term basis via platforms like Airbnb or Vrbo. Standard landlord or homeowners insurance usually doesn’t include protection for short-term rentals. Look for a landlord insurance policy that covers short-term stays, or ask about a short-term rental endorsement to stay protected.
Do I have to have landlord insurance?
No, it’s not legally required. However, if you have a mortgage on your rental, your lender probably requires landlord insurance. Even if it’s not required, it’s a smart move. Homeowners insurance doesn’t cover rental activity, and being a landlord comes with risks. Landlord insurance gives you the peace of mind that your investment and income are protected.
Does landlord insurance cover eviction?
A standard landlord insurance policy doesn’t cover eviction costs, like court or attorney fees. But some insurers offer eviction insurance or legal expense add-ons that can help with those expenses. If eviction is a concern, it’s worth checking your policy or asking your provider about eviction coverage options.
What is rental dwelling insurance?
Rental dwelling insurance is another name for landlord insurance. A rental dwelling insurance policy typically covers the structure itself, any landlord-owned items inside (like appliances or furnishings), liability protection, and loss of rental income if the property becomes uninhabitable due to a covered event.