Pennsylvania Landlord Insurance
Get a complete analysis of Pennsylvania landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Landlord Insurance Rates & Companies in Pennsylvania
Pennsylvania offers tons of opportunities for landlords to turn a profit. But before you start collecting rent, it's critical to be aware of the many potential risks that come along with the job. If you own a rental property or several, you'll want to protect your assets with a landlord insurance policy.
Fortunately, an independent insurance agent in Pennsylvania can get you equipped with the right landlord insurance. They'll consider your unique rental properties to find you the appropriate policy. But until then, here's a deep dive into Pennsylvania landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Pennsylvania
You can find landlord insurance from many different insurance carriers in Pennsylvania. But when you're looking for the best coverage, you don't have any time to waste. Here are some of our top picks for the best landlord insurance companies in Pennsylvania to guide your search.
- Stillwater Insurance Group: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), offers 24/7 claims reporting, and offers coverage nationwide.
- Safeco Insurance: This insurance company sells landlord insurance and many other forms of personal insurance. Safeco is highly rated by AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- REinsure Pro: This insurance company sells landlord insurance and many other forms of property insurance. REInsure Pro is highly rated by the BBB and offers a fast claims response time.
An independent insurance agent in Pennsylvania can help you shop and compare landlord insurance quotes from these excellent insurers and others that offer coverage near you.
What Is Landlord Insurance?
If you own a rental property in Pennsylvania, you'll need landlord insurance. This coverage protects your assets and liability in case of a disaster. Landlord insurance is different from a standard homeowners policy because it comes with additional coverages that protect against the risks of renting out your property to others.
If a covered disaster occurs in one of your rental units, such as fire damage, vandalism, etc., you might need to file a landlord insurance claim. If your claim is approved, your insurance company can help pay for any loss, damage, or destruction up to your policy's limits.
How Is Landlord Insurance Different from Home Insurance?
Though landlord insurance is somewhat similar to homeowners insurance, it's not exactly the same. Because landlords earn a profit from rental income, their coverage must include various aspects of business insurance.
One of the key protections in landlord insurance is loss of income coverage, which can reimburse for rental income during temporary suspensions in operations due to covered incidents like a break-in or fire damage. Landlord insurance also includes additional protection that home insurance doesn't because tenants are more likely to damage property than homeowners.
Is Landlord Insurance Required in Pennsylvania?
No, landlord insurance isn't mandatory by state law in Pennsylvania. But without this coverage, you're vulnerable to possibly hefty expenses, such as those arising from tenant or guest lawsuits.
You could also have to pay out of your own pocket to repair your rental units if they get damaged by tenants or destroyed by severe weather. Because of this, getting landlord insurance can be well worth it.
What Landlord Insurance in Pennsylvania Can Cover
You can choose from many different coverage options when assembling your landlord insurance policy. Most carriers in Pennsylvania allow you to pick from the following:
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.
- Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
- Loss of income coverage: This can reimburse you for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire.
- Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event, such as an accident while staying at your rental property.
- Optional coverage: Additional coverages are also available for landlords, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
Your Pennsylvania independent insurance agent can help you design a landlord insurance policy that works best for your unique needs.
What Landlord Insurance in Pennsylvania Will Not Cover
Pennsylvania landlord insurance also comes with various coverage exclusions. Be aware that your policy is unlikely to cover the following:
- Damage or destruction to your personal property at the premises
- Property maintenance costs
- Earthquake damage
- Flood damage
- Water or sewer backup damage
- Rental property wear and tear damage
However, endorsements and other coverage add-ons can allow your landlord insurance to cover these incidents. Just be sure to ask for this additional protection.
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Our independent agents shop around to find you the best coverage.
Average Cost of Landlord Insurance in Pennsylvania
Landlord insurance costs an average of $1,179 per year in Pennsylvania. Many factors can affect these costs, though, such as the following:
- The age and condition of your rental units
- The number of rental units you own
- Your exact location and that area's crime risk
- The risk of severe weather in your area
- The presence of "attractive nuisances" at any of your rental units, such as swimming pools
- Your claims history
Regardless of your policy's premiums, you may be able to reduce your rates by way of landlord insurance discounts.
Popular Questions about Pennsylvania Landlord Insurance
You're not required to carry landlord insurance by law in Pennsylvania. However, having coverage can help you financially recover after a lawsuit or another major incident.
Pennsylvania landlord insurance can cover tenant damage to your rental unit dwellings. But your personal property must be covered under another policy, like homeowners insurance.
Landlord insurance in Pennsylvania costs an average of $1,179 annually. The cost of your policy may vary based on your exact location as well as the age and condition of your rental properties, though.
We found that Stillwater Insurance Group is the best landlord insurance company in Pennsylvania this year. Stillwater's coverage options, rates, discounts, customer service reviews, etc., gained the carrier our top recommendation.
Landlord insurance isn't designed to cover your renters' personal property or contents. That's why many Pennsylvania landlords actually require their tenants to first secure renters insurance.
Pennsylvania landlord insurance doesn't tend to cover the costs of evicting tenants. However, sometimes you can add this coverage as a separate policy or endorsement.
Pennsylvania independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Philadelphia or wherever you reside.
https://www.simplyinsurance.com/landlord-insurance-rates-by-state/