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How Much Is Landlord Insurance in California?

landlord insurance costs in california

If you own a home that you are renting to tenants, you most likely have reviewed the costs of landlord insurance in California. This cost is different than standard homeowner’s insurance and the specific details of these insurance plans should be reviewed thoroughly to understand the differences. If you are considering adding this coverage to rental properties that you own, here are some of the facts you should know. Landlord insurance costs in California are based on many factors and the cost will vary depending on the size of the unit you are renting out. In some cases, people pay about 25% more for landlord insurance than they do for their homeowner’s insurance.

Factors That Can Affect Landlord Insurance Costs:

How Many Rental Units You Have – This can affect the costs of how much you may pay for your landlord insurance and possibly the rates. If you have a large amount of properties, consider asking for a discount from your insurance provider.

If The Property Has a Pool – Add-ons like pools can be expensive and raise the cost of your landlord insurance since these can be high risk and high maintenance for the property.

Type of Coverage and Amount – Whether you get a small amount of coverage or a large amount, this will of course affect your costs. However, make sure that you find a cost that is comfortable for your budget, but also provides sufficient coverage amounts should you need it.

Geographic Location and Area Risks – Insurance companies can vary how much they will charge for landlord insurance coverage depending on the area where the property is and if there are known risks for that geographic location.

Alarms Installed – If you have installed alarms on the property and other safety features, this may help lower the cost of your landlord insurance since the property is less likely to have issues.

If You Rent to Smokers – Smoking can damage the property over time and make it more difficult to rent to non-smokers later. Some insurance companies may charge a higher rate if you have tenants that are smokers renting form you.

The Size of Your Rental Property – Smaller rental properties will typically cost less to insure, but the size and many other factors combined are what will give you the total insurance costs.

If you own rental property and are considering adding landlord insurance, our insurance experts can help walk you through options that make sense for your situation and budget. Contact our Long Beach or Los Angeles office for more details – 877-945-723.