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Landlord Insurance in Vermont

Palmer Insurance Agency is providing insurance options for landlord insurance to property owners in Vermont.

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Landlord Insurance Vermont

What is landlord insurance?

Being a landlord can be a solid long-term plan, but it’s one that comes with risks along the way. From damaged properties to tenants’ lawsuits, landlord insurance may help protect landlords in Vermont from a variety of risks.

Landlord insurance offers specialized coverages for investors who have residential investment properties. A policy may protect the property, the owner, and the income stream.

When do Vermont landlords need landlord liability insurance?

Landlord liability insurance is something that most landlords in Vermont should have. It takes just one accident for a tenant (or someone else) to file a devastating liability lawsuit.

Of course, coverage for a property and any landlord-owned items on the property is also broadly recommended. Many lenders require that financed rental properties be protected with at least some property coverage, and getting coverage is usually wise even when a property isn’t financed.

What kinds of properties are landlord policies for?

Landlord policies are typically for smaller residential properties that have fewer than five units. Landlords often get these policies for single-family homes, condominium units, townhouses, duplexes, triplexes, and quadplexes that they lease to tenants. 

Larger properties that five or more units often require a slightly different insurance policy. Mixed-use properties, which combine residential and commercial, usually also need a different policy.

Landlord Insurance Vermont

What insurance protections do landlord policies come with?

Landlord policies might come with a number of liability and property coverages. Landlord liability insurance protections mainly insure against situations where a landlord could be sued. Property protections are mainly for insuring a building or other assets.

Some specific liability and property coverages that landlord policies might have include:

  • General Landlord Liability Insurance: May cover lawsuits that tenants or others file against the landlord, especially if someone is injured on a property.
  • Commercial Umbrella Insurance: May cover expensive liability lawsuits with an additional layer of insurance.
  • Property Damage Insurance: May insure the rental property itself against damage, and could also cover items like HVAC systems, appliances, and furniture.
  • Rent Guarantee Insurance: May insure against income loss when tenants don’t pay their rent
  • Loss of Rental Income Insurance: May insure against lost income when a disaster renders a property uninhabitable.
  • Legal Assistance Insurance: May help with legal fees that aren’t tied to liability lawsuits filed against the landlord. For instance, this could pay fees when pursuing judgments or evictions.

Do landlord policies cover rental properties against flood damage?

Flood damage is often excluded from the protections that landlord policies offer. If flood coverage is desired, it might be obtained as a separate insurance policy. Flood insurance policies are generally available through the National Flood Insurance Program or the private marketplace.

Does home insurance cover liability lawsuits filed by tenants?

Most home insurance policies include coverage for certain types of liability lawsuits that could be filed against the policyholder. Such protection normally doesn’t extend to lawsuits that tenants could file against a landlord. A landlord policy is typically needed to protect against lawsuits tenants might file.

Can multiple rentals be insured with one landlord policy?

Landlord policies that insure multiple rentals are widely available. An insurance agent specializing in landlord policies can help find one that’ll protect two or more rental properties.

Are tenants’ belongings insured under a landlord policy?

Landlord policies are generally for landlords, and not tenants. These policies typically don’t offer any protection for the items that tenants might keep at their rented place. Instead, tenants should be encouraged to consider getting their own renters insurance policy.

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Where can landlords with properties in Vermont find landlord insurance?

If you have one or more rental properties in Vermont, contact the independent insurance agents at Palmer Insurance for assistance with protecting those properties. Our agents have the expertise necessary to help you find the right landlord insurance policy for your rentals, and we’re able to recommend the best policy options regardless of what insurer offers them.

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Residents of Vermont can contact our representatives for assistance with their insurance needs. If you have questions or would like a quote, please contact us!