Wisconsin Landlord Insurance
Get a complete analysis of Wisconsin 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.
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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 Wisconsin
As a landlord in Wisconsin, you may rent out just one single-family home or many apartment complexes. But no matter which type of structure your tenants occupy, you must have the proper coverage to protect your investment. Only landlord insurance can reimburse you for tenant damage or destruction to your rental units, as well as for third-party lawsuit expenses.
Fortunately, an independent insurance agent in Wisconsin can help you get set up with landlord insurance today. They'll get you matched to the ideal policy fast. But until then, here's a deep dive into Wisconsin landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Wisconsin
While you could get landlord insurance from many different carriers in Wisconsin, you came to find the best coverage around. That's why we've included a list of some of our top picks for the best landlord insurance companies in Wisconsin. Check out the coverage offered by these outstanding insurers first.
- Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has excellent financial strength, offers numerous discounts, and provides 24/7/365 customer service.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has great ratings from AM Best and the Better Business Bureau (BBB), offers many discounts, and provides 24/7 claims reporting services.
- Stillwater: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from both AM Best and the BBB, offers coverage nationwide, and provides 24/7 claims reporting services.
A Wisconsin independent insurance agent can shop and compare landlord insurance quotes from all of these carriers and others that provide coverage near you.
What Is Landlord Insurance?
Landlord insurance is similar to homeowners insurance in that it protects your property in the event of a fire, storm damage, or other covered perils. The difference is that landlord insurance is written to specifically protect landlords in their unique situations, such as by offering compensation for damage to the structure of the buildings they rent out but not for tenants' personal property.
Landlord insurance also provides critical liability coverage for landlords in case they get sued by their tenants, guests to their rental properties, or other third parties.
How Is Landlord Insurance Different from Home Insurance?
Landlord insurance has some elements of business insurance in it as well, which sets it apart from home insurance. Landlords need compensation in case their tenants can't rent from them for a while after a covered disaster like a fire or incident of vandalism to their rental property. Loss of income coverage can reimburse landlords for the income they lose during such periods.
Is Landlord Insurance Required in Wisconsin?
It's not required by law to get landlord insurance in Wisconsin. However, choosing not to get coverage can leave you vulnerable to numerous potentially hefty expenses. Without landlord insurance, you might have to pay the costs of a lawsuit out of your own pocket. You could also end up having to pay to repair or replace your rental units if they get damaged by your tenants, a fire, storms, etc. That's why, for many landlords, having landlord insurance is still well worth the cost.
What Landlord Insurance in Wisconsin Can Cover
In Wisconsin, you can choose the types of landlord insurance that work best for you when building your policy. Most carriers offer the following coverage options:
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Loss of income coverage: This reimburses you for lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Liability insurance: This covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: This reimburses you for repairs to your rental property's dwelling and attached structures if fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Optional coverage: Landlords can add several types of additional coverage to their policies if they wish, such as building code coverage, landlord contents insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, and rent guarantee insurance.
A Wisconsin independent insurance agent can help you build your policy according to your specific coverage needs.
What Landlord Insurance in Wisconsin Will Not Cover
Being aware of what your policy doesn't cover is just as important as knowing what it does cover. In Wisconsin, landlord insurance often won't cover any of the following:
- Intentional or malicious acts to third parties
- Flood or earthquake damage or destruction
- Routine maintenance costs due to rental property wear and tear
- Loss, theft, damage, or destruction of your personal property
- Water or sewer backup damage or destruction
Endorsements are often available for landlord insurance policies that can increase your coverage, such as by adding protection against flood or earthquake damage, sewer backups, and more.
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Average Cost of Landlord Insurance in Wisconsin
Fortunately for Wisconsin landlords, coverage in this state is some of the cheapest in the nation. In Wisconsin, landlord insurance costs an average of just $1,018 per year. However, keep in mind that your policy's costs may vary based on the following:
- Any possibly risky features at your rental units, such as pools
- Your claims history
- The exact location of your rental units
- The number of rental units you own
- The age, size, and condition of your rental units
Wisconsin landlord insurance discounts can help you reduce your premiums even further if you qualify. You can often earn discounts for getting more than one type of coverage through the same carrier.
Popular Questions about Wisconsin Landlord Insurance
Landlords aren't required by law to get insurance in Wisconsin. However, you might still want to get a policy to avoid having to pay out-of-pocket for lawsuit expenses and other disasters.
In Wisconsin, tenant damage to your rental dwellings is covered by landlord insurance. However, tenant damage to their personal property or yours isn't covered by landlord insurance.
Wisconsin landlord insurance costs an average of $1,018 annually. Wisconsin is currently in the top five least expensive states for landlord insurance.
Our finding is that Progressive is the best landlord insurance company in Wisconsin this year. Progressive has excellent coverage options, rates, discounts, and more.
As a landlord, you're not required to cover your renters' property, and landlord insurance isn't designed to do so. That's among the many reasons landlords often require proof of renters insurance from their tenants before they can move in.
Landlord insurance in Wisconsin doesn't typically cover eviction costs. However, you might be able to add an endorsement to your policy for eviction-related expenses.
Wisconsin 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 Madison or wherever you reside.
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