Landlord Insurance

A specialized insurance policy for rental properties that covers the structure, liability, and lost rental income. Different from a standard homeowner's policy because it accounts for the fact that tenants, not the owner, occupy the property. A standard landlord policy on a Memphis rental runs $800-$1,500/year. Make sure it includes dwelling coverage, liability, and loss of rent. Do not use a homeowner's policy on a rental. It will not pay claims.