Landlord Insurance in Massachusetts

What rental property owners in Massachusetts need landlord policies? 

Landlord policies are typically recommended for anyone who leases out residential properties in Massachusetts. Individuals, businesses and groups with residential income properties.

Property management services might also want some of the coverages that are commonly included in landlord policies.

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.

What insurance coverages should landlords look for?

Landlord policies offer a range of important coverage options. Some that landlords might want are:

• Property Damage Insurance: Usually for physical buildings owned by a landlord. May additionally cover landlord-owned equipment, like yard equipment and appliances, kept at properties.
• Landlord Liability Insurance: Usually for legal expenses and settlements if someone is injured on the property and decides to sue. May cover injuries that tenants or their guests sustain. Frequently also covers damage to others’ property, such as tenants’ belongings, that the landlord is responsible for.
• Legal Assistance Insurance: Usually for legal fees not associated with suits that fall under landlord liability insurance. May cover expenses paid when obtaining a judgment, or when evicting a tenant.
• Loss of Rental Income Insurance: Usually for lost rental income if a covered incident, such as severe weather, fire or vandalism, damages the property to the point that it can’t be lived in. May provide alternative income until repairs are completed.
• Rent Guarantee Insurance: Usually for lost rent if tenants are unable to pay or refuse to do so. May be required by a lender that provides financing, or by an investment firm’s bylaws.
• Commercial Umbrella Insurance: Usually provides additional, higher limits for extremely expensive lawsuits that fall under landlord liability insurance.

Where can landlords in Massachusetts find landlord insurance?

If you need assistance insuring a rental income property that’s in Massachusetts, or several properties in the state, contact the independent insurance agents at PIKE Insurance. Our agents can help you determine coverage needs and appropriate limits, and then show you several quotes for policies that meet your particular needs. Together, we can make sure your properties are protected well.