| Option | Typical Cost |
|---|---|
| Single-family rental | $800–$1,000 |
| Duplex/triplex | $1,000–$1,625 |
| Condo rental | $1,200–$1,950 |
| Multi-family | $1,400–$2,275 |
| Vacation rental | $2,000+ |
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| Property Type | Annual Premium |
|---|---|
| Single-family rental ($200K value) | $1,200–$2,400 |
| Single-family rental ($400K value) | $2,000–$4,000 |
| Duplex | $1,800–$3,600 |
| Condo rental | $500–$1,500 |
| Short-term rental (Airbnb) | $2,000–$5,000 |
Landlord insurance costs 15–25% more than standard homeowner's insurance because rental properties carry higher risk (tenants are less careful, liability exposure increases). It covers the building structure, liability if someone is injured on the property, and loss of rental income if the property becomes uninhabitable. It does NOT cover the tenant's belongings — that's why you require renters insurance in your lease. For Airbnb/short-term rentals, you need a specific short-term rental policy — standard landlord insurance won't cover commercial hospitality use. Check if your homeowners or auto insurance policy covers any portion of the expense before paying out of pocket.
Landlord Insurance premiums are calculated from risk factors specific to your situation. Carriers weigh these factors differently, which is why quotes vary so widely. Your claims history, location, coverage limits, and deductible all interact to determine your rate.
The cheapest policy is not always the best value. Coverage exclusions, claim response times, and financial stability of the carrier matter when you actually need to file a claim. Check AM Best ratings for financial strength and J.D. Power for customer satisfaction before choosing based on price alone.