Landlord Insurance in Massachusetts

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Landlord Insurance in  Massachusetts

What is landlord insurance? 

Investing in rental properties presents notable risks, and it’s important to prepare for these risks lest something happens. One important aspect of preparing is for Massachusetts landlords to get landlord insurance.

Landlord insurance policies provide customizable protections for landlords with rental properties. Policies are available for a wide variety of smaller residential properties.

Landlord Insurance Massachusetts
Landlord Insurance Massachusetts

What landlords with rental properties in Massachusetts need a landlord policy?

Most landlords who have rental properties in Massachusetts should carry a landlord policy. Individual landlords, LLCs, partnerships and other landlords may all get this type of policy. In some cases, property management firms may want coverage too.

Without a policy, landlords could be exposed to substantial liability and property risks. Many would also be in violation of their loans, as lenders commonly require certain coverages to protect the properties they finance.

What types of properties do landlord policies cover?

These insurance policies are mainly for properties with 4 or fewer units. They may be customized to insure single-family houses, townhouses, condominiums, duplexes, triplexes and quadplexes that are rented out.

Properties with 5 or more units usually get classified as larger residential investment properties, for both financing and insurance purposes.

Can landlord policies cover mixed-use and commercial properties?

Landlord policies generally aren’t intended to insure non-residential commercial investment properties. For this reason, they usually also shouldn’t be used for mixed-use properties.

Investors who have commercial and/or mixed-use properties should work with an insurance agent to find another policy option that will better suit their investment properties.

What insurance protections should landlords look for when getting insurance?

Landlords can benefit from a range of coverages that may help protect their properties, their incomes and themselves. Some common and potentially important options are:

  • Property Damage Insurance: Might protect physical buildings owned by a landlord. For instance, may insure lawnmowers, appliances and furniture (in furnished apartments).
  • Landlord Liability Insurance: Might protect against accidents where someone, usually a tenant or tenant’s guest, is injured while on the property.
  • Legal Assistance Insurance: Might protect against incurred legal fees that aren’t because of a liability suit. For instance, may pay lawyer fees when pursuing a judgment or eviction.
  • Loss of Rental Income Insurance: Might protect against income losses stemming from disasters that render a property temporarily uninhabitable.
  • Rent Guarantee Insurance: Might protect against income losses stemming from tenants not paying their monthly rent.
  • Commercial Umbrella Insurance: Might protect against especially expensive liability suits, by offering a secondary layer of protection once an underlying liability coverage’s limit is exceeded.

Landlords with properties in high-risk flood zones usually also need flood insurance. This is purchased separately, typically through the National Flood Insurance Program. An insurance agent who’s familiar with landlord policies will be able to assist with a flood policy as well.

Is landlord liability insurance needed when renting a room on Airbnb?

A full landlord liability insurance policy usually isn’t necessary when renting out a single room on Airbnb, Verbo or similar platforms. Coverage for these rentals can normally be obtained through the platform, through a homeowner’s protections, or through an endorsement that’s added onto a homeowners policy. It’s seldom necessary to get a full landlord liability insurance policy.

Can a single landlord policy cover multiple rental properties? 

Yes, landlord policies that can cover multiple rental properties are readily available. A knowledgeable insurance agent can help find a policy that’ll protect several, or many, properties in Massachusetts.

Landlord Insurance Massachusetts

Do landlord policies include coverage for tenants’ belongings?

Landlord policies are for landlords, and generally not for tenants. No, these policies normally don’t protect tenants’ belongings. Instead, tenants should be encouraged to get a renters insurance policy.

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Where can landlords get landlord insurance for their properties? 

If you have rental properties in Massachusetts, contact the independent insurance agents at Platinum Insurance. Our agents have helped many property investors, including landlords with smaller rental properties. We’ll make sure you find landlord insurance that’ll protect your properties and yourself well.