Landlord Insurance in Massachusetts

What is Landlord Insurance?

Landlords are exposed to substantial potential risks, for they could have property destroyed or be named in liability lawsuits. Landlord insurance policies help protect Massachusetts landlords from many of the risks they're exposed to.

Landlord insurance is a highly specialized form of property insurance that’s uniquely designed to meet the risk mitigation needs of people who lease out buildings. Policies usually are written as package policies that offer multiple protections, and the protections can frequently be adjusted to suit particular situations.

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What Types of Buildings Do Landlord Policies Cover?

Most buildings that are legally leased to tenants can be insured with a landlord policy. There are policies for:

  • Single-family homes
  • Mobile homes
  • duplexes
  • Townhouses
  • Apartment complexes
  • Other multi-unit buildings
  • Mixed-use structures

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Landlord Insurance Massachusetts

Who in Massachusetts Needs a Landlord Policy?

Most people and businesses in Massachusetts who lease out one of the aforementioned types of buildings to tenants should have a landlord policy in place. Not having a policy in place may leave a landlord dangerously and unnecessarily exposed to risk.

Sometimes, landlords are required by the terms of a loan agreement to carry insurance. Lenders frequently make certain insurance coverages compulsory so that the lender’s interest in a building is protected. Even in these situations, however, it’s often wise to get more than the minimum-required coverage.

Do Landlord Policies Provide Protections for Tenants?

The coverages included in landlord policies are primarily focused on protecting landlords, since they’re the policyholder. These policies generally don’t offer protections for tenants. Instead, tenants normally need to purchase their own renters insurance policy if they want protection for their personal belongings and/or against potential liability lawsuits.

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What Coverages Do Landlord Policies Offer?

Since landlords often adjust and customize landlord policies, the coverages included in these policies can vary. Nonetheless, there are several coverages that many policies make available as either standard or optional protections:

  • Property Damage Coverage, which may cover a building and secondary structures
  • Landlord Contents Coverage, which may cover owned items kept inside rented units
  • Liability Coverage, which may cover lawsuits related to common accidents
  • Umbrella Liability Coverage, which may offer additional liability protection
  • Legal Fee Coverage, which may cover legal fees not associated with liability claims
  • Rent Guarantee Coverage, which may cover non-collected rent payments
  • Loss of Income Coverage, which may cover revenue drops following certain incidents

There are still more coverages that landlords may need or want. For help finding the right combination on protections for their situation, landlords should talk with an insurance agent who specializes in this form of insurance. A specialized agent will understand the risks landlords face and be able to make informed recommendations.

Landlord Insurance Massachusetts

Are Landlord Policies Expensive?

Premiums for landlord policies vary just as much (or perhaps more than) included coverages do. How much a specific policy costs depends on the building being insured, coverages chosen and many other factors.

Even given the variance among policy premiums, though, landlord policies tend to be quite affordable. They’re almost certainly less expensive than facing a major claim without adequate protection in place.

An independent agent, who’s free to request quotes from multiple insurers, can help landlords check exactly how much coverage for their property would cost. Comparing several quotes side-by-side makes it easy to quickly see how much different companies would charge.

How Can Landlords in Massachusetts Get Landlord Insurance?

For help finding landlord insurance, contact the independent insurance agents at Dempsey Insurance. Our team has worked with many individual and corporate landlords in Massachusetts, and we have the expertise necessary to help you find the right policy that’ll offer robust coverage at an affordable rate.

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