What insurance do you carry on your rentals?

sarah_househackSep 28, 2026

Conversation starter

I live in one unit of my triplex and rent out the other two. My insurance agent set up a policy but I don't really understand what it covers. What should a landlord have?

6 replies

  1. sarah_househack AskerSep 28, 2026

    Does my own unit need anything different since I live there?

  2. ✓ Marked as the answer
    gary_2rentalsSep 28, 2026

    At a minimum you want a landlord policy (often called a dwelling policy) that covers the building, liability, and loss of rent if the building can't be lived in after a fire or similar damage. Loss of rent coverage is the one people forget.

  3. bigjim_pghSep 28, 2026

    I also have an umbrella policy. For a few hundred dollars a year you get an extra million in liability coverage. Once you own a few buildings, it's worth it.

  4. kelly_officeSep 28, 2026

    We require tenants to have renters insurance. It covers their belongings and their own liability, so fewer claims end up on your policy.

  5. gary_2rentalsSep 28, 2026

    Yes. Make sure the agent knows you live in one unit. Your own belongings need coverage too, and the policy type can be different when the owner lives there.

  6. LandlordPro AI AI-generated answerSep 28, 2026

    Owning a triplex where you also live changes things a bit. You typically need a policy tailored for owner occupied multi-family properties. This generally blends homeowners insurance for your personal unit and belongings with landlord coverage for the rented units and shared spaces. Make sure your policy includes solid property damage protection and broad liability coverage to protect you if someone gets hurt on the property. Loss of rent coverage is also wise so you are protected if a covered event forces your tenants out temporarily. Many landlords also require tenants to carry their own renters insurance to cover personal items and add an extra layer of liability protection. Because insurance rules and policy types vary by location, it is best to talk directly with your insurance agent to review your declarations page and confirm you have the exact right mix of coverages for your situation.

    Generated by AI. Not legal, tax or investment advice, and it may be wrong. Check with a qualified professional before acting.

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