There are 6 primary coverages provided in this type of policy.
Dwelling Coverage: Insure for the Replacement Value of the dwelling and elect Special Risk Coverage.
Other Structures: Covers structures on the premises that are not attached to the primary house. You do need to ADD coverage for these to your policy (garage, carriage house, out buildings).
Your Personal Property: Covers your personal property on the premises if you have items at this property. This does not provide coverage for tenant’s personal property. Your tenants should secure insurance for their own belongings with a tenant insurance policy.
Fair Rental Value/ Loss of Rents: Coverage for lost rent if tenants are not able to live in the apartment due to a covered loss. If you need your rental income to pay building expenses this coverage should be added.
Premise Liability: Provides liability protection for you as the landlord – providing liability protection from slips, falls, or other covered mishaps.
Medical Payments: A $1,000 limit is typically included with your premise liability coverage (higher limits available).
Ordinance of Law: Protects you from additional rebuild/repair expense due to building code change requirements.
Personal Injury: Provides some coverage for damages related to false arrest, libel, slander, invasion of privacy defamation.
BackUp of Water and Sewer: Additional protection for damages caused by backup of sewers or drains.
Equipment Breakdown: Additional protection for damage caused by the breakdown of the property mechanical system (Boiler, HVAC, Heating or Cooling equipment)
Earthquake: Additional coverage for damage caused by an Earthquake. This is not included on standard policies
Service Line: Additional coverage to repair or replace leak or rupture in pipe or a line that is connected to your property. Typically for water /sewer lines or electrical lines.
Umbrella: Property owners do need additional liability protection from costly lawsuits. Umbrella coverage will provide these additional limits of liability insurance.