FAQs About Landlord Property Insurance

Insurance for Your Property Investments: Your Questions Answered

Investing in rental property can be a lucrative venture, but it's not without its risks. To protect your investment, landlord insurance, also known as rental property insurance, is a must. However, like any insurance product, it can get a bit confusing. If you would like to know more about the intricacies of landlord insurance, check out our other blogs on the subject: "What Is a Landlord Insurance Policy and Do You Need It?" and "Additional Coverage Options that Landlords Should Consider". If you would like some additional information to answer those nagging questions, keep reading. This is a short list of frequently asked questions to help you better understand this crucial aspect of being a landlord.


Does Landlord Insurance Cover Tenant Damage?

Yes, but there are nuances to consider. Most landlord insurance policies cover accidental damage caused by tenants. For example, if your tenant accidentally starts a kitchen fire while cooking with too much grease, many policies would cover the damage caused by the fire. However, it's important to note that these policies typically do not cover wear and tear on the property or appliances due to tenant use. Additionally, acts of vandalism or intentional damage caused by tenants may not be covered.


Am I Legally Required to Have Landlord Insurance?

The short answer is no, there is no law that mandates you to have landlord insurance if you own the property outright. However, it's essential to understand the potential financial risks involved. Without insurance, you may be responsible for covering significant repair costs if unforeseen damage occurs. Moreover, if you have a rental property mortgage, your lender will likely require you to have landlord insurance to protect their investment.


Are There Affordable Landlord Insurance Options?

Yes, affordable landlord insurance options are available. Many insurance companies offer competitive rates and discounts for specific types of rental property owners. To find the coverage you need at the most affordable rate, it's a good idea to shop around and compare policies. You might also benefit from bundling your landlord insurance with other policies, such as home or auto insurance, which can often lead to discounted premiums. However, it should be noted that insurance is a field in which the saying "You get what you pay for" is true.


How Can I Reduce My Insurance Costs?

If you're looking to cut down on your insurance expenses, here are some steps you can take:

  • Shop Around: Comparing quotes from different insurers can help you find the best deal tailored to your needs.
  • Increase Your Security: Many insurers offer discounts for having additional security measures in place, such as alarm systems or security cameras.
  • Raise Your Deductible: Increasing your deductible can lower your premiums. However, ensure you can comfortably cover the deductible in case you need to make a claim.
  • Bundle Your Insurance: Explore the option of bundling your landlord insurance with other policies, like home or auto insurance, which can result in discounted premiums.
  • Ask For Discounts: Reach out to your insurance company to inquire about any discounts or special offers they might have available. Many insurers provide discounts for loyal customers or those who make timely payments.
  • Review Your Coverage: Periodically review your policy to ensure you're only paying for the coverage you truly need. If certain types of coverage are unnecessary, consider removing them from your policy to save on costs.


In conclusion, understanding rental property insurance is essential for protecting your real estate investment. By considering the factors mentioned above, you can make informed decisions about your insurance coverage and ensure the financial security of your investment or rental property.

Using Our Screening Score Sheet for Rental Applications

April 21, 2025
When applying for one of our rental properties, we use a comprehensive screening score sheet to ensure all applicants are held to the same standard. The score sheet evaluates various aspects of your financial stability and rental history, helping the landlord make informed decisions while maintaining a fair and transparent process! Here’s a breakdown of how we assess your application utilizing the screening score sheet: 1. Length of Residency: While longer periods at previous residences typically suggest reliability and commitment, we understand that some applicants may be first-time renters. We welcome first-time renters, and on the screening score sheet, you can assign yourself a "1" under "Length of Residency" if this is your first rental experience! 2. Collections: We review any outstanding collections, including monthly utilities or bills, as well as loans (excluding medical bills). This helps us assess your overall financial responsibility. Your estimated monthly payment for all your loans, utilities and bills is also taken into consideration. 3. Rent-to-Income Ratio (per household): To ensure you can comfortably afford the rent, we require that your monthly income is at least 2.5 times the rent amount. This ratio helps us verify your ability to manage rent payments alongside other living expenses. 4. FICO Score: While there is no specific minimum FICO score, we do take it into account when evaluating your financial health. A higher score indicates a history of responsible credit management. 5. NSF/Late Payments & Landlord Disputes: We look into your rental history to ensure that there are no frequent NSF (non-sufficient funds) or late payments, and that there are no unresolved disputes with previous landlords. Please note that all application charges are non-refundable, and every occupant over the age of 18 must submit a separate application. Our scoring system ranges from 0 to 21, with 15 being the lowest acceptable score. All approvals or denials are ultimately decided by the property owner. We do not operate off a first come first serve basis, so if you are curious about the status of applications prior to applying, please don’t hesitate to call our office! By using our screening score sheet, we aim to create a rental environment where both tenants and property owners can thrive. This score sheet can be found on our site, under the Before You Apply Manual, as well as under “Rental Resources”.

Declutter and Earn: Join the Outdoor Swap Meet at the Downtown Recreation Center in Henderson!

April 16, 2025
Looking to declutter your home while making some extra cash? The outdoor swap meet at the Downtown Recreation Center in Henderson is the perfect opportunity! Whether you’re cleaning out your closets, clearing space in your garage, or finding a new home for gently used toys, books, and clothes, this event is your chance to turn those items into money. Each booth equals two parking spots, and registration is required at least one week in advance. All booths are assigned randomly, ensuring a fair and fun atmosphere for all. Remember, only second-hand items can be sold, so it’s a great way to recycle and give your items a second life. Event takes place April 19th & May 17th! The swap meet opens at 7am, so come early to shop! Admission is free for all ages, making it a perfect outing for families looking to find unique treasures. Ready to get started? Simply register on the City of Henderson website to secure your spot. It’s time to clean out, earn some extra cash, and find something new – don’t miss out on this exciting event at the Downtown Recreation Center!

Exciting News: MAX, Your New AI Assistant for Maintenance Requests!

April 7, 2025
As of April 7th, Appfolio has launched MAX, an innovative AI assistant designed to make submitting maintenance requests easier and faster for all residents! With MAX, getting repairs done quickly and efficiently is now simpler than ever. Here’s how MAX works 1. Click the Blue "New Meld" Button When you need maintenance, simply log into your Property Meld account and click the blue “New Meld” button 2. Troubleshooting with MAX MAX will ask you a few quick troubleshooting questions to help pinpoint the issue and ensure the right work gets done 3. Track Your Request Once maintenance is scheduled, you can easily follow the status of your request right in your Property Meld account.  MAX is here to streamline the process and help ensure your maintenance needs are addressed quickly. MAX™ users are already seeing game-changing results: a 100% accurate work order match rate and 62% of all Melds have photos or videos attached. We’re excited about this new feature and hope you enjoy the improved experience!
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