Virginia Landlord Insurance
- Virginia Landlord Insurance
Whether you’re a landlord near one of the state’s many universities, downtown areas of bigger cities like Norfolk or Richmond or you’ve got your investment set up in a smaller, quieter town, Virginia landlord insurance from Clovered can be your affordable, reliable solution to protecting your investment properly.
Typically defined as a walls-in HO6 policy, landlord insurance in Virginia helps to protect the structure of your home — whether it’s a single-family house, multi-family unit, apartment or entire building. It can also provide coverage for any lost income due to covered perils, like the wretched hurricanes that are known to blast the state’s east coast.
What’s Covered With a Virginia 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 Virginia Landlord Coverages to Consider?
Landlord Contents: For those Virginia 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 Virginia 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 Virginia Landlord Insurance?
From the salty shores of Virginia Beach to the mountainous regions of Shenandoah National Park, the average cost of landlord insurance in Virginia is about $1,150 per year. That’s well below the national average, and is an incredible price when you consider its many extensive coverage maximums.
- Average Cost of Landlord Insurance in Virginia: $1,150 per year
Compare and Buy the Best Landlord Insurance in Virginia
Being a landlord in Virginia has never been easier because we partnered with many of the best companies in the state to provide every landlord in the state with affordable, reliable landlord insurance. At Clovered, our online quoting tool allows you to plug in your rental property’s address and compare multiple quotes from multiple carriers to get the coverage you need at the price you deserve.
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.