Landlord insurance provides financial protection if your rental property is damaged, becomes unlivable after a catastrophic event such as a fire or a storm, or if someone is hurt on the property.

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Standard homeowners insurance only provides limited coverage for rental properties, which is why a separate landlord policy is necessary.

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Insurance policies vary, but most landlord insurance policies offer coverage for the following:

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Property damage insurance
A landlord policy typically covers any physical damage to the home that's caused by fire, bad weather or criminal activity such as a break-in. It also covers any additional buildings, including a shed or detached garage. Equipment, like lawn mowers and snow blowers kept on the property to maintain it, is also covered.

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Liability insurance
If someone is hurt while living in the rental property or visiting it, landlord insurance can help cover that person’s medical costs, legal fees and settlements.

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Loss of income insurance
If your rental property is damaged by a covered loss, such as a fire or tornado, and the damage keeps you from renting it out, most policies will reimburse you for the income lost during that time.