Insurance
Landlord Insurance: What It Costs and What to Check
Published September 24, 2026 · Last updated October 1, 2026
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The short answer
If you rent out a home, condo, or small building, you usually need landlord insurance. A regular homeowners policy is made for homes you live in, so it may not pay once tenants move in. Landlord insurance covers the building, your liability, and the rent you lose if the place can't be lived in after a covered loss.
It often costs about 25% more than a homeowners policy for the same house. The quickest way to see your price is to get a landlord insurance quote.
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What landlord insurance covers
Landlord insurance is also called rental property insurance or a dwelling policy. Most policies include:
- The building. Pays to repair or rebuild after covered damage like fire, wind, or hail.
- Other structures. Covers things like a detached garage or fence.
- Lost rent. If a covered loss makes the unit unlivable, this pays the rent you would have collected while it's fixed. You may see it called "fair rental value" or "loss of rent."
- Liability. Pays if a tenant or guest gets hurt because of a problem with the property and blames you. It also pays for your legal defense.
- Your things at the property. Covers items you own and keep there for the rental, like appliances or a lawn mower.
What it doesn't cover
Your tenant's belongings. Your policy doesn't cover your tenant's furniture, clothes, or electronics. They need their own renters insurance. Many landlords require it in the lease.
Floods. Like homeowners insurance, landlord policies don't cover flooding. You'd need separate flood insurance.
Wear and tear. Old roofs, worn carpet, and slow leaks are maintenance, not insurance claims.
DP-1 vs. DP-3: the two main types
You'll often see landlord policies called DP-1 or DP-3. "DP" stands for dwelling policy.
DP-1 is basic coverage. It usually covers only a short list of named causes, like fire and lightning. It often pays actual cash value, which takes off for age and wear. It's cheaper, but it leaves big gaps.
DP-3 is broader. It usually covers the building for any cause that isn't specifically left out. It often pays replacement cost, which pays to fix or rebuild at today's prices. Most landlords with a mortgage or a rental they care about choose a DP-3.
Short-term rentals are different
If you rent on Airbnb, Vrbo, or other short-term sites, a standard landlord policy may not cover you. Short-term guests change the risk. Ask about a short-term rental policy, or check what the booking platform's protection does and doesn't cover.
Renting out a room in the home you live in is different too. Some homeowners policies may allow it with an add-on. Ask your provider before your first renter moves in.
How much does landlord insurance cost?
Landlord insurance often costs about 25% more than a homeowners policy for the same property. Your price may be higher or lower based on:
- Where the rental is. Storm, fire, and crime risk all play a part.
- The building. Age, size, roof condition, and number of units.
- Your coverage type. DP-3 usually costs more than DP-1.
- Lost rent and liability limits. Higher limits cost more but protect your income.
- Your deductible. A higher deductible usually lowers your price. Some areas also have a separate wind and hail deductible.
- Claims history. Past claims can raise your rate.
The quickest way to know your price is to get a quote.
What you'll need for a quote
To get a rental property insurance quote, have these handy:
- The property address and the year it was built
- The number of units and whether they're rented long-term or short-term
- The roof's age and any updates to plumbing, wiring, or heating
- About how much rent you collect each month
What to ask before you choose
- Is this a DP-1 or DP-3 policy? Does it pay replacement cost or actual cash value?
- How many months of lost rent does it cover?
- How much liability coverage is included? Would an umbrella policy make sense on top?
- Is there a separate wind and hail deductible?
- Does the policy cover short-term rentals, if I ever do that?
Related services
Compare homeowners insurance, condo insurance, or umbrella insurance. Fixing up a rental? Get quotes for roofing or HVAC. Need cash for a new rental? See home equity loans.
More home insurance guides: Homeowners insurance cost · Condo insurance · Renters insurance · Mobile home insurance · Flood insurance · Umbrella insurance · How much homeowners insurance you need · Renters insurance basics · How to get renters insurance · All insurance
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Homeowners Insurance
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Condo Insurance
Explore condo coverage options alongside your association policy.
Flood Insurance
Explore flood coverage, which standard home policies usually exclude.