Landlord and Renters Insurance
Landlord Insurance and Renters Insurance in Memphis, TN
Owning a rental and renting a home carry different risks, so each side of the lease needs its own policy. Landlord insurance in Memphis protects the building you rent out and your liability as its owner. Renters insurance protects a tenant's belongings and covers accidents inside the unit. Jones Enterprises Insurance Brokers offers both, for rented homes, condos, and apartments.
What Does Landlord Insurance Cover That Homeowners Insurance Doesn't?
Landlord insurance covers a home that's rented to tenants, which a standard homeowners policy usually stops covering once you move out and a tenant moves in. Homeowners policies are written for the person living in the house. A landlord policy is written around the building, the equipment you leave there, and the liability that comes with renting to others. Many landlord policies can also pay the rent you lose while a damaged unit is repaired. If you still live in the home, our home insurance page covers that side.
What Each Policy Includes
Landlord and renters coverage share some parts, but each one is built for a different person.
The Dwelling and Other Structures
Dwelling coverage helps pay to repair your rented home, condo, or apartment if it's damaged by fire, lightning, wind, hail, or another covered loss. Other structures coverage does the same for detached buildings on the property, such as a garage or a fence.
Equipment You Keep at the Rental
If you leave a lawnmower or snow blower onsite to maintain the property, landlord insurance may help cover it when it's damaged. Personal items you store there, like a bike or a DVD player, likely won't be covered under the landlord policy.
Landlord Liability
If someone is hurt on your rental property and you're found responsible, the liability portion may help pay their medical bills and your legal expenses. A loose stair rail or an icy walkway is the kind of hazard behind these claims.
Add-Ons for Rental Owners
Additional coverage can be purchased for vandalism, burglary, rental property under construction, and building codes. Building code coverage helps when repairs have to meet newer codes than the original construction did.
Renters Insurance for Tenants
A landlord's policy covers the building, not what's inside a tenant's unit. Renters insurance includes personal property coverage in case of fire, theft, or damage, plus liability coverage for accidents at your rental. Other coverage options are also available. In a shared building, that protection matters, since a fire or water leak in one unit can easily reach yours.
Insuring Both Sides of the Lease
Since we offer both policies, our agents can explain where the landlord's coverage ends and the tenant's begins. We can also check rates between companies, so you see how different insurers price the same property. Jones Enterprises Insurance Brokers offers auto, life, and commercial policies too, if you'd like to review all of your coverage at once.
Landlord Insurance for Memphis Rental Properties
We help owners and tenants insure rental homes and apartments in Memphis, Germantown, Southaven, and Horn Lake. Outside the Memphis area, our service areas include Nashville and Dallas, and the agency offers coverage to individuals across Tennessee and Texas.
Landlord and Renters FAQ
Does landlord insurance cover my tenant's belongings?
No. A landlord policy covers the building and the owner's equipment. Tenants need their own renters policy to cover furniture, clothing, and electronics after a fire or theft.
Can I require tenants to carry renters insurance?
Many landlords make it a lease requirement and ask for proof each year. It lowers the chance that a tenant's accident turns into a claim against your own policy.
Is flood damage covered?
Neither landlord nor renters policies cover flood damage. The building needs a separate flood insurance policy, and tenants can buy flood coverage for their belongings as well.
What happens to my rent if the unit can't be lived in?
Many landlord policies include fair rental value coverage, which pays the rent you lose while a unit is repaired after a covered loss. Some dwelling forms leave it out, so confirm it's on your policy.
What sets the price of renters insurance?
The value of your belongings, your deductible, your liability limit, and your location all play a part. Choosing replacement cost over actual cash value raises the premium slightly, but it pays to buy new items instead of their depreciated value.
Quote Your Rental or Apartment
Tell us the address and what you need covered. One of our friendly agents will put together a quote for your rental property or your apartment.