Landlord Insurance From a Massachusetts Based Insurance Specialist

Coonan Insurance Agency, Inc. can help you find affordable, quality Landlord Insurance with ease!

We offer Landlord Insurance  coverage in Massachusetts, Maine, New Hampshire, Rhode Island, Maine, New York and Florida.

Please ask one of our agents how we can provide you with insurance across multiple states.

What is landlord insurance?

Rental properties require substantial capital investment, and it’s important for Massachusetts landlords to make sure their investments are protected against loss. One way to better protect the capital that’s put into rental properties is to protect them with landlord insurance.

Landlord insurance offers tailor-made coverages for rental properties. Policies usually have coverage options that can protect properties, the landlord, and the landlord’s income.

What real estate investors in Massachusetts need landlord policies?

Landlord policies are mainly for Massachusetts landlords with rental properties of 1-4 units. Policies may insure single-family houses, duplexes, townhouses, condos, and tri- and quad-plexes. Once a property has 5 or more units, a different type of insurance policy is typically needed.

In cases where rental properties are financed, coverage is often required by the lender. Landlords are broadly encouraged to get insurance regardless of whether their property is subject to a lender’s requirement, however.

Can landlord policies insure commercial properties?

Landlord policies are mainly intended for smaller residential properties, and not for commercial properties such as retail or office spaces. Non-residential commercial properties typically require a different commercial property insurance policy.

The same is true of mixed-use properties that have residential and commercial spaces. A standard landlord policy usually won’t provide all of the coverages that mixed-use properties need, and a different type of policy should probably be chosen.

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Landlord Insurance Massachusetts

What insurance coverages do rental properties need?

Landlord policies can offer a variety of coverages, many of which are often important. A few of the most common protections are:

  • Property Damage Insurance: Usually covers the rental property itself. May also cover items kept at the property, such as lawn equipment, furniture (for furnished units), appliances and HVAC systems

  • Landlord Liability Insurance: Usually covers incidents where someone, often a tenant or their guest, gets injured on the property.
  • Legal Assistance Insurance: Usually covers legal fees not related to liability suits, such as those incurred when pursuing an eviction or judgment.

  • Loss of Rental Income Insurance: Usually covers income loss due to disasters that make a property temporarily uninhabitable.

  • Rent Guarantee Insurance: Usually covers income loss due to tenants not paying their monthly rents.

  • Commercial Umbrella Insurance: Usually covers excessively costly liability lawsuits, providing an extra layer of protection.

Landlord Insurance Massachusetts

Do landlord policies cover floods?

Landlord policies normally exclude flood damage from their protections. If flood coverage is needed, it may be available through the National Flood Insurance Program.

Does renting rooms through Airbnb require a landlord policy?

Hosts should make sure they’re properly insured when listing places on Airbnb, Vrbo or similar platforms. Being protected in these situations, however, usually doesn’t require a full landlord policy. Hosts might instead secure coverage through the platforms, through an endorsement on their homeowners policy, or by getting an Airbnb insurance policy.

Can a single landlord policy cover multiple properties?

Landlord policies that cover multiple properties are readily available, although it’s important to confirm that a specific policy will cover multiple properties. 

An insurance agent who specializes in landlord liability insurance and similar protections will be able to assist with insuring several rental properties.

Landlord Insurance Massachusetts

Do landlord policies cover tenant belongings?

Landlord policies are purchased by and for the landlord. These policies generally don’t offer tenants with any insurance protection. Tenants should be encouraged to (and sometimes are required to) get their own renters insurance policy.

How much does insuring a rental property cost?

The cost of insuring rental properties varies greatly. A rental property’s location, size, number of units, construction and other property-specific details can impact cost. So too do selected coverages and limits, and any recent insurance claims the landlord might have made.

Landlords can find out how much insuring their rental properties will be, by comparing policy options with an independent insurance agent. Independent agents have the freedom to check policy options from several different insurance companies, making it easy to see each company’s coverage offerings and corresponding premiums.

Coonan Insurance Agency

Where can Massachusetts landlords find landlord insurance for their rental properties?

If you need help insuring rental properties that are located in Massachusetts, reach out to the independent insurance agents at Coonan Insurance Agency. Our team will make sure you find landlord insurance that has the landlord liability insurance coverages and property insurance coverages you need.

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