What is Landlord Insurance?
Landlord insurance is a dwelling (DP) policy that protects the rental structure you own, your landlord liability, and the rent you would lose if the property became unrentable after a covered loss — and we shop many carriers to fit single rentals up to small portfolios.
Who needs it
- Homeowners and renters
- Anyone buying or refinancing a home
- Landlords and second-home owners
Landlord Insurance
Renting out a property turns your home into a business asset, and it needs different coverage than the house you live in. A standard homeowners policy is written for an owner-occupant and generally will not respond correctly once tenants move in — which is why landlord insurance exists. Written on a dwelling (DP) form, it protects the rental structure you own, the liability you carry as a landlord, and the rental income you would lose if a covered loss made the property unrentable. Whether you own one rental or are building a small portfolio, BNW Services shops many appointed carriers to fit the property, the tenants, and the way you operate.
Coverage
The core of a landlord policy is dwelling coverage on the building and its attached structures, plus other structures like a detached garage or fence. Because the tenant furnishes the home, personal-property coverage is limited — it typically covers only items you own and keep on site to service the property, such as appliances, a lawn mower, or maintenance supplies, and it does not cover the tenant's belongings (that is what the tenant's own renters policy is for). Landlord liability protects you if a tenant or guest is injured on the property and you are found responsible — a critical coverage given the exposure that comes with having people live in a home you own. Fair rental value, or loss of rents, replaces the income you would have collected while a covered loss is being repaired, so a fire or major water loss does not also wipe out your cash flow. Landlord dwelling policies come in tiers — a DP-1 is the most basic named-peril form, a DP-2 adds more named perils with broader terms, and a DP-3 is the broadest, covering the structure on an open-peril basis much like a homeowners policy. Settlement can be on a replacement cost or actual cash value basis, and we generally recommend replacement cost on the structure so a claim does not leave you short. Useful add-ons include water backup, ordinance-or-law for older buildings, and vandalism coverage, which matters more during tenant turnover or vacancy.
Who needs it
- Owners of single-family or small multi-family rentals
- Accidental landlords renting out a former home
- Investors building a rental portfolio
- Owners of a rented condo or townhome unit
- Anyone with a mortgage on a rental (lenders require coverage)
- Landlords who want lost-rent and liability protection
What affects your premium
- The dwelling form chosen (DP-1, DP-2, or DP-3)
- Rebuild cost, age, and condition of the building
- Roof age, construction type, and protective features
- Liability limits and lost-rent coverage selected
- Location, occupancy, and tenant type
- Claims history and deductible
Why an independent agent for Landlord Insurance
Landlord coverage varies more between carriers than most owners realize — the dwelling form, how lost rent is calculated, liability limits, and whether vandalism during vacancy is covered can all differ, and the wrong policy shows its gaps at the worst possible moment. As an independent agency, Billy Whited can match your rental to the carrier and DP form that fit how you actually operate, set the liability and lost-rent limits correctly, and add endorsements where an older building or higher-turnover property calls for them. If you own more than one rental, we can look at the whole picture and keep it consistent. And we will remind your tenants that a renters policy protects their own belongings — so everyone is covered where they should be. Call 573-594-5148 and we will build coverage around your property and your risk.
Landlord Insurance FAQ
How is landlord insurance different from homeowners insurance?
Homeowners insurance is written for an owner-occupant and generally won't respond correctly once tenants move in. Landlord insurance uses a dwelling (DP) form built for rentals, adds landlord liability, and can replace lost rent — coverages a homeowners policy doesn't provide for a rented property.
Does my landlord policy cover my tenant's belongings?
No. It covers the structure you own, your landlord liability, and generally only property you keep on site to service the home. Your tenant's own belongings are their responsibility, which is why we recommend requiring tenants to carry renters insurance.
What is fair rental value or loss of rents coverage?
It replaces the rental income you would have collected while a covered loss is being repaired. If a fire or major water loss makes the unit unrentable for months, this coverage keeps that lost income from becoming your problem too.
What's the difference between DP-1, DP-2, and DP-3?
They are dwelling forms of increasing breadth. DP-1 is the most basic named-peril form, DP-2 adds more named perils with broader terms, and DP-3 is the broadest, covering the structure on an open-peril basis much like a homeowners policy. We help you pick the right one.
Should I require my tenants to carry renters insurance?
Yes — it's a smart, common practice. Your policy won't cover their belongings, and a tenant's renters policy also carries liability that can protect everyone. Many landlords write it into the lease, and we're glad to explain the benefit to your tenants.
I'm renting out my old house — do I need to change my policy?
Almost always, yes. Once you no longer live there, your homeowners policy may not cover a loss the way you expect. Converting to a landlord dwelling policy makes sure the structure, your liability, and lost rent are properly covered. Tell us the details and we'll handle it.
Can one policy cover several rental properties?
Approaches vary — some owners carry separate policies, and some carriers offer programs that group multiple properties. As an independent agency, we can look at your whole portfolio and keep coverage consistent across the properties you own.
What endorsements should a landlord consider?
Common ones include water backup, ordinance-or-law for older buildings that must be rebuilt to current codes, and vandalism coverage, which matters most during turnover or vacancy. We tailor the add-ons to the age, location, and occupancy of the property.
Get Landlord Insurance today
Quote, buy, or book a quick consult — whatever's easiest for you.