Landlord Insurance

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Pennsylvania Landlord Insurance

Pennsylvania landlord insurance can provide the best protection for your rental property in towns like Philadelphia, Pittsburgh, or Allentown. Standard home insurance will not provide protection for landlord liability, loss of rents, or landlord building damage. The primary reason to get landlord insurance is most insurance companies can deny a claim if they find out the property was rented to others. This is likely an exclusion on most homeowner's policies so make sure you are properly insured.

Landlord Liability Insurance in PA

By renting out your home it will increase your risk from a liability stand point. You are now responsible for someone else's safety while they live in your rental home. If you fail to maintain the property and your tenant is injured you are liable for their injuries and property damage. Landlord liability insurance covers your liability in this scenario but make sure you do everything to minimize the potential for safety hazard.

There are things you can do to reduce the chances of a liability claim. Always think about the safety of the renter and consider these precautions.

5 ways to make your rental property safer and reduce your liability risk

  • Install multiple carbon monoxide detectors and check battery levels every 2 months
  • Have proper locking windows and doors throughout the house
  • Have fire extinguishers handy in fire prone areas like kitchens and garages
  • Fix any faulty maintenance issues quickly before they become safety hazards (i.e. uneven stairs, slippery walkways, and overgrown trees)
  • Confirm all new additions or changes to the property meet building code specs

Multiple Rental Properties

If you own multiple rental properties in Pennsylvania try to combine the insurance policies with one company. This will make it easier to file a claim and get questions answered about your policy. Many landlords will get the cheapest policy which will usually lead to having two or more insurance companies to deal with. Make it easier on yourself by combining policies even if it is a little more expensive for one property over another company.

Cost of Landlord Insurance in Pennsylvania

The cost to insure your rental property in PA is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.

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Landlord Insurance Companies

Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:

  • Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
  • Location - The zip code or city that your rental unit is located in has a dramatic effect on your insurance premiums as companies who have big losses in those areas will increase rates to get profitable.
  • Building type - This can be numerous things including condo, single family, and townhouse including the materials used to construct the property.
  • Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
  • Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.

Pennsylvania's 5 largest cities by population

City
Population
Philadelphia 1,526,006
Pittsburgh 305,704
Allentown 118,032
Erie 101,786
Reading 88,082

*Data from 2010 Census Population by the Department of Economic and Community Development.

Common Landlord Insurance Claims in PA (Pennsylvania)

Wind
(Most claims cost over $2,700 to repair wind damage)

Fire
(Most claims cost over $43,000 to repair damages from fire)

Water
(Most claims cost over $2,300 to repair damage from water)

Dog Bite Liability
(Most claims cost over $59,000 to recoup liability damages)

Slip and Fall Liability
(Most claims cost over $12,800 to recoup liability damages)

NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.

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