Which Coverage Can I Add to My Landlord Insurance Policy?

Landlord Optional Coverage

Customize your Landlord Insurance coverage to ensure comprehensive financial support, safeguarding your sanctuary against both expected and unforeseen perils.

 

Dwelling related coverage

Secure your investment property’s structure with comprehensive coverage and shield it against the unexpected.

 

What is increased dwelling coverage?

Increased dwelling coverage is additional protection for your rental property building in case you need to replace or rebuild it after an insured loss. It also includes detached structure costs like a garage, shed, or gazebo.

 

This means that your home will have broader financial protection in case you need to fix it after a covered loss. Keep in mind though, that this endorsement covers the cost of rebuilding your rental property, not its actual market value.

 

 

What is service line coverage?

Service line coverage, also known as utility line coverage or water and sewer line coverage, is designed to protect the underground service lines that connect your home to public utilities. These are crucial infrastructure items because they are responsible for carrying utilities like the internet to your rental home.

Service lines can be pipes, conduits, or cables, and they are buried beneath the ground to provide essential services to your property such as electrical lines, power lines, natural gas pipes, internet cables, and telecommunication lines among others. Protecting these components is key, their failure or damage can lead to service disruptions and expensive repairs.

 

What is ordinance and law coverage?

Ordinance and law coverage protects you in the event you need to repair or rebuild your rental home after a covered loss and must comply with updated building codes or ordinances. If these repairs need to follow current building codes, zoning laws, or ordinances bringing extra expenses, having this endorsement is key.

In other words, if you have to replace or rebuild your rental home, and there are new mandatory codes or ordinances that you need to follow causing you extra costs, this endorsement helps you cover those expenses. Building codes or ordinances are constantly changing or being updated, and these adjustments may cause additional expenses if you need to repair or rebuild your property.

 

 

What is water backup coverage?

Water backup coverage, also known as limited sewer or drain backup coverage, is an optional enhancement that protects your rental home in case water enters your premises through your plumbing system and damages your investment property.

 

If there is water outside your home that wrongfully enters through your plumbing system, it can easily cause serious harm. This protection will help you cover the expenses of repairing water damage in your home as long as you don’t have sumps or sump pumps.

 

 

What is limited water coverage?

Water limited water coverage is an endorsement that generally covers water-related incidents or damages. This could be from burst pipes, leaking home appliances, like heating or air conditioning systems, or roof leaks.

 

Keep in mind that this has a maximum amount paid out for repairs and excludes certain types of water damage, such as flooding.

 

 

What is earthquake coverage?

Earthquake coverage is an endorsement that protects your rental property, its detached structures, and personal property inside it in case an earthquake takes place. This optional coverage is a minimum protection, to get a robust and reliable one, we suggest you request Earthquake Insurance.

 

These events are unpredictable and can lead to substantial damage. Counting on the right coverage for your investment property is a very smart choice, especially if you need to repair or rebuild it after a seismic event.

 

 

What is roof replacement coverage?

Roof replacement cost coverage is an endorsement that protects you in the event you need to replace your roof after a covered loss such as hail, windstorm, or fire, and you need to cover those expenses.

 

It generally reimburses you for the actual cost of replacing the damaged roof with a new one of similar quality and materials, helping to minimize the financial burden of extensive roof repairs or replacements.

 

 

Property related coverage

Step up your personal belongings protection game with our tailored endorsements, providing additional layers of security for your investment property.

 

What is personal property coverage?

Personal property coverage is an endorsement that protects your possessions within your rental property in the event there’s a covered loss such as fire or theft. This enhancement will help you pay the expenses of replacing or repairing them.

 

This includes items such as furniture, electronics, clothing, jewelry, and appliances.

 

 

What is unscheduled personal property?

Unscheduled personal property coverage is an extra layer of protection in case your personal property gets damaged or lost. This coverage offers a higher limit and a broader scope of protection for unitemized or new possessions.

 

The age and the condition of your stolen or damaged value are key. This will determine the depreciation cost and how much you can be reimbursed for it. The higher the extension, the higher the coverage limit.

 

 

What is equipment breakdown coverage?

Equipment breakdown coverage, also known as home system protection, is an endorsement that protects you from potential mechanical accidents or electrical failures of appliances at your rental home. This includes refrigerators, HVAC, televisions, and electrical systems among others.

 

This coverage helps you pay repairs or replacement expenses in the event they break down, get damaged, or suffer any other covered loss.

 

 

Liability related coverage

Explore our wide range of liability-related endorsements designed to offer you more robust protection on your Landlord Insurance coverage.

 

What is personal liability coverage?

Personal liability coverage is an endorsement that protects you when found responsible for causing bodily injury or property damage to others. This enhancement also includes medical expenses in the event someone gets hurt and you’re responsible as well.
Keep in mind that standard Landlord Insurance coverage doesn’t include personal liability protection. Meaning that this endorsement is essential to keep you safe from unexpected situations.

 

 

What is personal injury coverage?

Personal injury coverage shields unit owners financially if they are held responsible for causing harm, like defamation or invasion of privacy, to others. This endorsement ensures coverage for legal expenses and potential damages that may arise due to personal injury claims.

By accessing this optional coverage, you’ll be protected from events such as defamation, invasion of privacy, and emotional distress, among others.

 

 

What is identity theft coverage?

Identity theft coverage is an endorsement that provides support and financial reimbursement if someone wrongfully accesses and uses your personal data and information fraudulently. This includes stealing your social security number, using your credit card information, and taking out a loan, among others.

 

This coverage includes expenses associated with reclaiming your financial identity, legal fees, lost wages, or any cost related to paperwork or mailing. You may also need assistance or guidance to restore your personal identity, this coverage helps you pay these expenses too.

 

 

Loss of use related

Secure your lost income if you can’t rent your investment property until it gets repaired.

 

What is increased loss of use coverage?

Increased loss of use coverage is an endorsement that will help you with the lost income coming from your tenant’s rent, in the event your investment property becomes uninhabitable due to a covered loss. Also known as fair rental value, it will help you with those lost expenses while your property is under repair.

 

Keep in mind that if there are continuing expenses included in your rent, for example, utility costs, those won’t be considered.

 

 

Mortgage related

Secure your investment with our mortgage-related endorsements, designed to align with your specific lending requirements and offer extra peace of mind.

 

What is a mortgagee clause?

A mortgage clause is an important endorsement that protects the financial interests of the lender or mortgagee. By requiring insurance coverage on the property, the lender ensures that funds are available to repair or rebuild the property, which serves as collateral for the loan.

 

In the event there’s a covered loss, and the property needs to be rebuilt or repaired, this endorsement ensures that lenders get their investment protected. Lenders can include specific requirements and detail them either in the mortgage agreement or by communicating them separately to their mortgagor.

 

 

Where Does PSIC Offer Landlord Insurance?

We currently offer Landlord Insurance in the states of Arizona, California, Connecticut, and New Jersey. To learn more about how you can customize your policy please select your state.

 

We plan to expand our Landlord Insurance coverage nationwide soon, ensuring all owners the benefit of our reliable insurance solutions.