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What Kind of Insurance Do You Need as a Landlord?

August 5, 2019

If you own a property, chances are you will need insurance. Here, we’ve answered some frequently asked questions regarding insurance when you decide to become a landlord of a property in Maryland.

landlord insurance maryland

Landlord Insurance FAQs

Q: What is Landlord Insurance?

A: If you own property and want to rent it out to a tenant, you’ll need protection as a landlord from any financial loss that damages may cause. Landlord insurance is here to provide that protection.

Q: What Does it Cover?

A: You have multiple options for coverage when you choose to become a landlord and seek an insurance policy.

Liability Coverage – This will cover you in cases if liability claims or lawsuits. If a visitor, trespasser, or tenant themselves is injured, you may be responsible for medical and other costs associated with the injury. If you have liability coverage as a landlord, your insurance will help you with those costs.

Property Damage- This insurance covers damage to personal property and buildings due to the following:

  • Theft
  • Vandalism
  • Storm damage
  • Fire
  • Tenant damage

Loss of Income – If you lose income due to a covered loss, like a fire or damaging storm, this insurance will compensate you for the income lost while the property is uninhabitable.

Optional Coverage – You can often purchase additional coverage depending on your specific needs as they pertain to the location and structure of your property. If you have personal items that will be staying on the property, like furnishings, you can customize your policy to cover these as well.

Q: How Do I Know Which Coverage Options I Need?

A: Although landlord insurance is not required, it’s one of the smartest decisions you can make when you choose to rent or lease a property that you personally own. Your coverage needs will depend greatly on the specifics of the building you are renting, the geographical area where you live, and other details. Speaking to your local insurance company is the best way to ensure you are covered with the right landlord insurance plan.

Looking for a Reliable Insurance Company in Maryland?

American Heritage is here for all of your insurance needs. Our agents have everything needed to get you set up with landlord insurance and keep you and your property protected. Contact us today to request your quote!

What Our Clients Say...

Over and above the time, effort and saved dollars that you put into earning our business – your careful attention to detail in getting our coverage right is what mattered the most. Thank you for educating me about the differences in coverage and for reallocating our insurance dollars to minimize our exposure while maximizing our policies.

- Eric L, President of Jeffrey Press, Inc.

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Frederick County: Frederick (21701, 20702, 21703, 21709), New Market (21774) , Mount Airy (21771), Urbana (21704), Ijamsville (21754), Walkersville (21793), Libertytown (21762), Damascus (20872), and more.

Howard County: Clarksville (21029), Columbia (21044), Cooksville (21723), Dorsey (21075), Elkridge (21075), Ellicott City (21043), Fulton (20759), Glenelg (21737), Glenwood (21738), Granite (21163), Hanover (21076), Highland (20777), Jessup (20794), Lisbon (21765), Marriottsville (21104), North Laurel (20723), West Friendship (21794), Woodbine (21797), Woodstock (21163), and more.

Montgomery County: Olney (20832), Damascus (20872), Laytonsville (20882), Silver Spring (20910), Clarksburg (20871), Gaithersburg (20878), Germantown (20876), Bethesda (20816), Chevy Chase (20815), and more.

Baltimore County: Arbutus (21227), Catonsville (21228, 21250), Cockeysville (21030, 21031, 21065), Dundalk (21222), Edgemere (21219), Essex (21221), Garrison (21055), Lansdowne (21227), Lochearn (21207), Lutherville (21093), Middle River (21220), Milford Mill (21244), Overlea (21236), Owings Mills (21117), Parkville (21234), Park Heights (21215), Pikesville (21208), Randallstown (21133), Reisterstown (21136), Rosedale (21237), Timonium (21093), Towson (21204), White Marsh (21162), Woodlawn (21207), and more.

Carroll County: Eldersburg (21784), Finksburg (21048), Hampstead (21074), Manchester (21102), Marriottsville (21104), Taneytown (21787), Union Bridge (21791), Westminster (21157, 21158), Mount Airy (21771), New Windsor (21776), Sykesville (21784), Woodbine (21797), Taneytown (21787), and more.

We also serve the rest of Maryland and the United States.