Indiana Landlord Insurance
- Indiana Landlord Insurance
From single-family homes to multi-unit apartment buildings, if you’re a landlord in the Hoosier State, you’re going to need to have Indiana landlord insurance to protect your property and your investment. Here’s what your coverage options are and what you need to look for in a policy.
What’s Covered With an Indiana Landlord Insurance Policy?
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra Indiana Landlord Coverages to Consider?
Landlord Contents: For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of Indiana Landlord Insurance?
The average cost of landlord insurance in Indiana is about $1,500 per year. But that premium price depends heavily on the amount of coverage you need, the price of your property, your claims history and much more.
From tornadoes and heavy snows and hail damage, the Hoosier State its fair share of natural disasters. Although costs of landlord insurance fluctuate throughout the country, landlords in Indiana can expect to pay right at the national average for coverage.
Average Cost of Landlord Insurance in Indiana: $1,500 per year
Compare and Buy the Best Landlord Insurance in Indiana
We partner with many companies in the Hoosier State to compare quotes and provide you with the lowest cost landlord insurance in Indiana. With Clovered, it only takes a few minutes to get a sufficient landlord insurance policy that meets your needs and your budget.
You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.