Landlord insurance generally refers to a policy purchased by an owner of a residential rental property. The property could be either a home or a multi-unit rental property. Most insurance carriers use the term “landlord insurance” to describe coverage for properties that have one to four rental units. However, this phrase can sometimes refer to any type of policy that protects a landlord. These policies generally include coverage for damage to structures, injury to people and loss of rental income.

Commercial property insurance is for businesses that need to protect real property such as office buildings, warehouses, factories, shopping centers and apartment buildings. This type of insurance also covers personal property such as furniture, fixtures, machinery and inventory. Carriers typically provide commercial property insurance through a coverage part, or section, of a commercial package policy, which can include almost any type of commercial coverage an insured may need. Commercial general liability coverage is almost always contained along side commercial property coverage.

Rental property insurance is a term used to describe any type of insurance policy designed to protect income producing investment properties. It typically applies to small residential properties such as homes or condos leased to tenants. If the property has two to four units, most carriers offer either a Dwelling Policy or a Landlord Policy. When the property has five or more residential units, insureds usually obtain a Commercial Package Policy, a Business Owner Policy or an Apartment Policy.

Multifamily insurance provides protection to owners of buildings that contain multiple rental units. Owners of buildings with five or more apartment units purchase multifamily insurance to protect against unforeseen damage to a building (typically from fire or severe weather), injury to people while on the premises, and loss of rental income while apartment units are being renovated in the aftermath of a covered loss. Insurance carriers rarely use the term “multifamily insurance” to describe a given policy. Instead, carriers use various other phrases to refer to this sort of coverage. The primary ones are Commercial Property Policy, Business Owner Policy, Commercial Package Policy or simply an Apartment Policy.