Pennsylvania Landlord Insurance
- Pennsylvania Landlord Insurance
Whether you’re renting out a bachelor pad at one of the Keystone’s many state colleges, a downtown apartment in the big cities of Philadelphia or Pittsburgh, a single-family home in the suburbs or another type of property, you’ll need to properly protect your investment with Pennsylvania landlord insurance.
Since you’re not living in the home full time, regular home insurance won’t cover the many things that could go wrong with rental units. This includes tenants being accidentally injured on the property and you being found liable. And what if someone accidentally starts a kitchen fire? Don’t you want to be protected?
With a Pennsylvania landlord insurance from Clovered, we can help you get the perfect policy that meets your coverage needs and your budget — all online in minutes. Simply input your rental property’s address, answer a few questions and we’ll do the rest. You’ll be on your way to profits and protection in no time.
What’s Covered With a Pennsylvania 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 Pennsylvania Landlord Coverages to Consider?
Landlord Contents: For those Pennsylvania 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, adding loss of income into your Pennsylvania landlord insurance policy 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 and 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 Pennsylvania Landlord Insurance?
The average cost of landlord insurance in Pennsylvania will only run you about $1,100 per year. That includes coverage for the structure of your property, any necessary items you keep on the property and about $100,000 worth of liability coverage in case someone is injured on the property and you’re found liable.
- Average Cost of Landlord Insurance in Pennsylvania: $1,100 per year
Compare and Buy the Best Landlord Insurance in Pennsylvania
At Clovered, our easy-to-use online quoting tool allows you to enter your rental property’s address, compare multiple quotes from multiple carriers and get the coverage you need at the price you deserve.
We’ve made getting the perfect Pennsylvania landlord policy easier than ever, so you can go back to being a landlord — while protecting your investment with affordable, reliable insurance from some of the state’s top insurers.
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.