Are landlord policies suitable for commercial investment properties?
Landlord policies are primarily crafted for residential rental properties, and not so much for commercial investment properties. Commercial property insurance usually better suits office buildings, brick-and-mortar stores, and other commercial properties.
If a property is mixed-use, having a combination of residential and commercial leases, then a chosen policy usually needs broad coverages. The coverages required will likely include both landlord coverages and other coverages.
An insurance agent specializing in landlord policies can help insure residential properties or mixed-used properties. They often can also assist with commercial property insurance if it’s needed.
Is a landlord policy needed when renting out a spare bedroom?
Homeowners who plan to rent out part of their home, such as a spare bedroom or an in-law suite, should first review their homeowners policy.
In many cases, a landlord policy isn’t needed because adequate coverage can be obtained through an existing homeowners policy. A few offer coverage as a standard feature, and many make it available as an endorsement.
In the event that adequate coverage can’t be obtained through a homeowners policy, then a landlord policy could be needed.
A specialized agent can help evaluate existing homeowners insurance coverages. If landlord liability insurance and other coverages are needed, the agent can check which available landlord policies would work.