Washington Landlord Insurance
Get a complete analysis of Washington landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Washington
If you're one of the many property owners who lease out homes in Washington, landlord insurance can help protect your investment. Regardless of whether you rent out a traditional family home in Tacoma, a luxury apartment in Bellevue, or a studio flat on a short-term lease to a visiting professor in Pullman, this coverage is necessary to prevent possibly devastating financial losses. You could end up having to pay out of your own pocket for lawsuit expenses or to repair your rental properties if you lack coverage.
Luckily, an independent insurance agent in Washington can get you set up with the right landlord insurance. They'll ensure you get matched to the ideal policy for your needs. But first, here's a closer look at Washington landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Washington
You can find landlord insurance from many different carriers in Washington state. However, not all of them offer the best rates or coverage options. That's why we've listed a few of our top picks for the best landlord insurance companies in Washington for you. When you're ready to find the coverage you need, start here.
- Safeco Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Safeco has excellent ratings from both AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting services.
- Stillwater Insurance Group: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has outstanding ratings from AM Best and the Better Business Bureau (BBB), offers nationwide coverage, and provides 24/7 claims reporting services.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has great financial strength, offers tons of discounts, and provides 24/7/365 customer service.
An independent insurance agent in Washington can help you shop and compare landlord insurance quotes from these carriers and others.
What Is Landlord Insurance?
Landlord insurance is fairly similar to other types of property coverage like homeowners insurance. It's designed to cover the dwelling of your rental properties in addition to your personal liability if you get sued by a third party or tenant.
If a covered incident such as tenant damage, fire damage, or hail damage occurs at one of your rental units, you can file a landlord insurance claim. If your claim is approved, your insurance company can send you reimbursement for the damage up to your policy's limits.
How Is Landlord Insurance Different from Home Insurance?
Landlords operate a business that turns a profit, meaning their coverage needs aspects of business insurance. One of these coverage aspects is for a loss of income that may occur during temporary suspensions of business or periods when tenants are unable to occupy a rental unit, such as due to a break-in, fire, or storm damage. This unique coverage and others set landlord insurance apart from homeowners insurance.
Is Landlord Insurance Required in Washington?
State laws in Washington don't mandate landlord insurance, so you're not technically required to have it. However, many landlords still choose to get coverage.
Having a policy can mean the difference between the success and failure of your business if an incident occurs. For example, just one tenant or guest lawsuit can potentially cause financial devastation if you lack landlord insurance.
What Landlord Insurance in Washington Can Cover
You can build your Washington landlord insurance policy in the way that works best for you. You'll likely choose from the following coverage options:
- Liability insurance: This can pay 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 pay for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire.
- Dwelling coverage: This can 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.
- Premises medical protection coverage: This can pay for medical treatment expenses if one of your tenants gets injured in a covered event, such as an accident, while staying at your rental property.
- Other structures coverage: This can pay for repairs to detached structures (e.g., sheds, fences, etc.) due to damage caused by fire, vandalism, falling objects, etc.
- Optional coverage: You can also choose from several optional landlord coverages like 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 Washington independent insurance agent can help you assemble your landlord insurance policy by considering each type of coverage you need most.
What Landlord Insurance in Washington Will Not Cover
Don't expect your landlord insurance to come without various exclusions. Some common landlord insurance coverage exclusions are:
- Damage or destruction to your personal property at the premises
- Rental property wear and tear damage
- Property maintenance costs
- Earthquake damage
- Flood damage
- Water or sewer backups
While you may be able to purchase endorsements to cover some or all of the above perils, don't expect your landlord insurance to include coverage for them by default. Make sure to review your specific coverage terms to decide if additional endorsements are necessary.
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Average Cost of Landlord Insurance in Washington
Landlord insurance tends to be affordable in Washington, at an average of $1,101 per year. However, the cost of your policy may vary depending on:
- The presence of certain features at your rental properties, such as swimming pools
- The number of rental units you own
- The location, crime rate, and weather risks of your rental property
- The age, size, condition, and construction of your rental property
Regardless of your initial rates, you may be able to reduce your premiums through various landlord insurance discounts you qualify for.
Popular Questions about Washington Landlord Insurance
You're not required by law to have landlord insurance in Washington. However, not having coverage could lead to possible large financial losses after incidents or lawsuits.
Yes, landlord insurance covers tenant damage to your rental property in Washington. However, policies tend to cover your rental properties' dwellings, not your personal items like clothing, furniture, etc.
Landlord insurance in Washington costs about $1,101 annually. But the cost of your unique coverage can vary based on your exact location and other factors, like the age and condition of your rental units.
Our finding is that Safeco Insurance is the best landlord insurance company in Washington. Safeco's official ratings, coverages, premiums, discounts, customer service reviews, and more easily granted the carrier our top choice.
As a landlord, you're not required to cover your renters' personal property kept in their rental unit. That's why many landlords require renters insurance for their tenants.
Landlord insurance almost never includes coverage for eviction costs in Washington. You may be able to purchase eviction expenses coverage as an endorsement or a separate policy, though.
Washington 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 Seattle or wherever you reside.
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