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Landlord Insurance Massachusetts

Landlord Insurance in Massachusetts

What Is Landlord Insurance

Investing in rental properties is an attractive option to many, but the venture isn’t without some risks. Landlords are exposed to potential liability risks, and their properties could be damaged or destroyed. Landlord insurance helps landlords in Massachusetts safeguard themselves and their properties from many of the risks that come with this type of investment.

Landlord insurance is a specialized form of property insurance that’s uniquely designed to meet the risk mitigation needs of people who lease out residential units. Policies are available for single-family houses, duplexes, multi-family buildings, townhouses and other residential structures.

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Who in Massachusetts Is a Landlord Policy Right For?

Most people and businesses in Massachusetts that lease out residential properties should consider purchasing a landlord policy. This includes sole proprietors, LLCs and other corporations. While some of these structures offer certain legal protections, the protections that landlord property and landlord liability insurance coverages provide are still important.

In certain situations, landlords might even be required to have property coverages in place. Many building loans come with stipulations that landlords purchase at least enough insurance to protect the lender’s financial interest in the building.

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Landlord Insurance Massachusetts

What Coverages Do Landlord Policies Offer?

Landlord policies offer a range of coverages, and property owners can usually adjust their policy’s coverages to suit their particular situation. With this in mind, however, there are two main coverages that are of primary importance in most policies: landlord property and landlord liability insurance coverage.

Landlord property insurance coverage generally protects an insured building against damage and/or destruction. The perils covered might be explicitly stated (as is normally the case in a closed-perils policy), or they may be assumed covered unless specifically excluded within the policy’s paperwork (as is normally the case in an open-perils policy). Additionally, coverages might apply only to the primary insured building or extend to secondary structures on the property.

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Landlord liability insurance coverage typically offers protection against a variety of potential liability lawsuits. Should a landlord be named in a covered lawsuit, this coverage usually will help defray the associated legal fees and any settlement.

In addition to these main coverages, there’s a range of other protections that landlords might want included in their policy. Some of the more commonly selected ones include:

  • Landlord Contents Coverage, which may provide coverage for landlord-owned items that are kept on a property
  • Rent Guarantee Coverage, which may provide supplemental revenue if tenants don’t pay rent
  • Loss of Income Coverage, which may provide supplemental revenue if a building is unrentable after a covered incident
  • Legal Assistance Coverage, which may provide help paying legal fees that aren’t tied to liability lawsuits

For help selecting coverages that make sense given their particular situation, landlords should talk with an insurance agent who specializes in these policies. An informed agent will have the expertise necessary to make wise coverage recommendations that are tailored to a landlord’s specific situation.

How Do Insurers Determine Landlord Policies’ Premiums?

Insurance companies look at many different factors when setting premiums for landlord policies. A few items they commonly consider are the:

  • Location of a building
  • Number of units a building has
  • Size of a building
  • Coverages and limits chosen

Landlord Insurance Massachusetts

How Can Landlords in Massachusetts Get Landlord Insurance?

For help insuring a rental property in Massachusetts, contact the independent insurance agents at Garrity Insurance. Our agents have both the independence and expertise necessary to help you find the best available landlord insurance policy regardless of what insurer is offering it. We've worked with many landlords in the state, and we're ready to assist you too.

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