Landlord Insurance Virginia

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Landlord Insurance in Virginia

Discover hassle-free access to affordable, high-quality landlord  insurance with Jenkins Insurance & Financial Services, Inc.

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What is landlord insurance?

Landlord insurance is a specialized type of insurance policy designed for property owners who rent out their properties. Unlike standard homeowners’ insurance, landlord insurance covers risks specifically associated with renting out a property, such as damage to the rental home, liability claims, and loss of rental income. Having the right landlord insurance policy in place helps protect you from potential financial losses due to property damage, tenant disputes, and legal claims.

Why is landlord liability coverage insurance important?

Landlord liability coverage insurance is important because it protects property owners from the financial repercussions of legal claims arising from injuries or damages that occur on their rental properties. This coverage offers peace of mind, knowing that if a tenant or visitor is injured or suffers property damage, the associated legal costs and potential settlements won’t significantly impact the landlord’s financial stability. Moreover, having liability coverage enhances a landlord’s credibility and professionalism, demonstrating a commitment to safety and responsibility. This can foster positive relationships with tenants, as they feel more secure knowing that their landlord has adequate protection in place. 

Additionally, many leasing agreements and property management companies require landlords to carry liability insurance, making it a crucial aspect of compliance and ongoing property management. Overall, landlord liability coverage not only protects against unforeseen legal issues but also contributes to the long-term success and sustainability of rental property investments.

Client Reviews

The work I did with Jenkins Insurance covered multiple policies, for vehicles and residence, covering several autos and drivers, and was complex and multi-faceted. Tammy worked with me to make sure everything was in order and on time (even with changing deadlines).

Charles G, Google Review

Whenever we need to update our policy because of buying a new car or some other change Mackenzie has been efficient and even sent me copies of the new policy because it wasn’t convenient for me to get them online. Tammy checked our policies (home, auto, and umbrella) and applied a discount so we are paying less per month. Very good agency.

Ann S, Google Review

You have always been there to take care of my needs, answering my questions and keeping me “covered”! I thank you for that!!

Carolyn S, Google Review
Landlord insurance Virgina

Landlord insurance in Virginia typically covers three main areas:

  1. Property damage – This includes coverage for your building and any structures on the property, such as garages or sheds, in case of damage caused by fire, storms, vandalism, or other covered events.
  2. Landlord liability coverage insurance – This protects you against liability claims in case someone is injured on your rental property and holds you responsible for their medical bills or other damages. It also covers legal fees if you’re sued.
  3. Loss of rental income – If your rental property becomes uninhabitable due to a covered event, such as a fire or storm, this coverage may help replace lost rental income while repairs are made.

By having these coverages in place, you ensure that your property and finances are protected against the unique risks that come with being a landlord.

Although landlord insurance and homeowners insurance both protect property, there are key differences between the two. Homeowners insurance is intended for owner-occupied properties, while landlord insurance is designed for rental properties.

The main differences include:

  • Coverage for tenant-related risks – Homeowners insurance does not cover risks associated with tenants, such as property damage caused by a tenant or a tenant injury on the property. Landlord insurance, on the other hand, includes protections like landlord liability coverage insurance, which is specifically designed for these situations.
  • Loss of rental income – Homeowners insurance won’t cover lost rental income if your home becomes uninhabitable. Landlord insurance typically offers this coverage, ensuring you don’t lose out on rental payments if the property is damaged.
  • Higher liability limits – Landlord insurance generally offers higher liability limits because landlords face greater risks due to having tenants and other individuals regularly present on the property.

Yes, landlords with mixed-use properties may use a landlord policy, but the coverage may vary depending on the specific nature of the property. Mixed-use properties, which combine residential and commercial spaces, often require specialized policies that include both landlord insurance for the residential units and commercial property insurance for the business spaces. It’s important to work with an insurer who may tailor a policy to cover both aspects of a mixed-use property, ensuring you’re fully protected.

Landlord policies may cover water damage, but it depends on the cause of the damage. Most standard policies will cover water damage from sudden and accidental events like a burst pipe. However, they typically do not cover damage caused by gradual leaks, flooding, or negligence. If your rental property is in a flood-prone area, you may need separate flood insurance. Always review your policy and consider adding additional coverage if your property is at risk for water-related damage.

No, landlord policies do not cover possessions that tenants own. Tenants are responsible for insuring their personal belongings through renter’s insurance. A landlord policy only covers the structure of the rental property and any items the landlord owns, such as appliances or furnishings provided in the rental unit. It’s a good idea to encourage tenants to obtain renter’s insurance to protect their personal possessions in case of damage or theft.

What factors affect the cost of landlord insurance?

The cost of landlord insurance in Virginia is influenced by several factors, including:

  1. Property Location: Areas prone to natural disasters, crime, or high tenant turnover may result in higher premiums due to increased risk.
  2. Property Type: The type of property (single-family home, multi-family unit, or commercial property) affects coverage needs and costs.
  3. Coverage Limits: Higher coverage limits for property damage and liability will increase the premium.
  4. Deductibles: Choosing a higher deductible can lower the premium, while a lower deductible generally leads to higher costs.
  5. Claims History: A history of claims made on the property can lead to increased premiums, as insurers may view the property as higher risk.
  6. Rental Income: The amount of rental income generated can impact the cost, as properties with higher income may be seen as more valuable and therefore riskier.
Landlord Insurance Virginia
Jenkins Insurance & Financial Services, Inc

How can Virginia landlords obtain landlord insurance? 

Reach out to the independent agents at Jenkins Insurance & Financial Services for a fast quote on landlord insurance in Virginia. Protecting your rental property is crucial, and the right coverage ensures you are safeguarded against potential risks such as property damage, tenant disputes, and liability claims. Our experienced team understands the unique challenges faced by landlords and will work with you to customize a policy that meets your specific needs.

Jenkins Insurance & Financial Services, Inc

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