Landlord Insurance for Florida Property Owners

What Is Landlord Insurance?

Landlord insurance, also called rental property insurance, is specialized coverage designed for property owners who rent out residential properties. It protects your investment property, provides liability coverage for tenant-related incidents, and can reimburse you for lost rental income if your property becomes uninhabitable due to a covered loss. This coverage is essential because standard homeowners insurance does not cover properties you rent to others.

Why You Need Landlord Insurance

• Homeowners insurance specifically excludes coverage for rental activities and business use
• Protects your property investment from damage caused by tenants, weather, or other covered perils
• Provides liability protection if a tenant or guest is injured on your rental property
• Covers loss of rental income when your property is uninhabitable due to covered damage
• Florida's weather risks, including hurricanes and floods, make property protection especially important

Common Coverages

Landlord insurance includes property coverage for the building structure, permanently attached fixtures, and any appliances you provide. Liability coverage protects you if someone is injured on your property and sues you for damages. Loss of rental income coverage, also called fair rental value, reimburses you for lost rent if your property becomes uninhabitable due to a covered loss like fire or storm damage. Many policies also offer optional coverage for vandalism, malicious mischief, and tenant-caused damages beyond normal wear and tear. You can add coverage for detached structures like garages or sheds, and personal property you keep on-site for maintenance.

How Is Landlord Insurance Different From Homeowners Insurance?

Landlord insurance is specifically designed for rental properties, while homeowners insurance is for owner-occupied homes. Landlord policies typically have higher liability limits because of the increased risk from having tenants. They also include loss of rental income coverage, which homeowners policies do not offer. Additionally, landlord insurance usually does not cover the personal belongings of tenants, as tenants need their own renters insurance for that protection.

Do I Need Landlord Insurance for Short-Term Rentals?

If you rent your property on platforms like Airbnb or VRBO, you need specialized short-term rental coverage rather than standard landlord insurance. Short-term rentals have different risk profiles and require tailored coverage. The Gordon Agency offers specific short-term rental insurance solutions for Florida property owners.

What About Flood Insurance?

Landlord insurance does not cover flood damage. In Florida, where flooding is a significant risk, you should strongly consider separate flood insurance for your rental property. The Gordon Agency can help you secure both landlord insurance and flood coverage to fully protect your investment.