Landlord Insurance from Massachusetts Specialists

Roger Keith & Sons

What is landlord insurance?

Rental property investments can provide substantial returns, but leasing to tenants comes with inherent risks. Landlord insurance may offer Massachusetts property investors protection against a host of risks that they face. 

Landlord insurance provides specialized commercial coverages for leased investment properties. Policies may protect against property damage, liability lawsuits and other risks.

What Massachusetts investors need landlord policies?

Landlord policies are most often used to insure leased residential properties in Massachusetts. Individuals, partnerships and LLCs that own residential investment properties may need a policy.

In select cases, landlord policies might also be used to insure leased commercial or other property. An insurance agent who specializes in landlord policies should be consulted before using this type of policy for non-residential property, however, as there might be a more suitable policy option for commercial properties.

Do homeowners need a landlord policy when renting out rooms?

Renting out a single room within a primary residence typically doesn’t require a landlord policy, but the homeowners policy might need a few additional coverages. Homeowners in this situation can consult a knowledgeable insurance agent for assistance. An agent who knows both homeowners policies and landlord policies will be able to make sure all necessary coverages are procured.

Do property owners need a landlord policy when offering short-term rentals?

Providing short-term rentals likewise usually doesn’t automatically necessitate a full landlord policy. A homeowners policy, short-tern rental policy or landlord policy might be used to insure short-term rentals. Again, a knowledgeable insurance agent can help evaluate how the needed coverages can be procured.

What coverages do landlord policies make available?

Landlord policies can offer varying covariates, but they usually have a combination of landlord liability insurance protections and other protections. Some coverages that policies frequently make available are:

• Dwelling Coverage, which may cover the primary building that’s leased
• Contents Coverage, which may cover landlord-owned goods in the building
• Loss of Income Coverage, which may cover lost revenue if a building is unlivable
• Rent Guarantee Coverage, which may cover lost revenue if a tenant doesn’t pay
• Legal Assistance Coverage, which may cover legal expenses for non-liability matters
• General Liability Coverage, which may cover common accidents on a property
• Umbrella Coverage, which may provide supplemental landlord liability insurance

Do landlord policies provide liability coverage for tenants?

Any landlord liability insurance that’s included within a landlord policy typically only applies to the landlord. These policies generally don’t extend liability protection or any other protection to tenants.

Tenants may want to protect themselves with renters insurance, and some landlords even encourage (or require) their tenants to carry a renters policy. 

How much are landlord policies’ premiums?

The premiums charged for landlord policies vary significantly, as they’re based on a multitude of factors. A leased building’s location, size, number of units, age and construction often influence rates, as can a landlord’s claim history, annual rents received, and many other factors.

Of course, the chosen landlord property insurance and landlord liability insurance coverages also directly impact rates. An independent insurance agent can help landlords find the coverages they need at an affordable rate. Independent agents have freedom to compare policy options from different insurance companies, since they’re not tied to any one company.

How can rental property owners in Massachusetts get landlord insurance?

If you need help insuring one or more rental properties in Massachusetts, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents have worked with many landlords in the state, and we have the expertise necessary to help you get a landlord insurance policy that protects your properties and yourself well.