Generally yes — but if you own multiple properties, there are portfolio options that can simplify and reduce your cost. Each rental property carries its own distinct liability exposure, location risk, and coverage needs, so a single blanket policy rarely fits well. However, landlords with two or more properties may qualify for a commercial landlord package that covers all properties under one policy with one renewal date. We help Chicago landlords evaluate whether individual policies or a portfolio approach makes more financial sense for their situation.

It covers the rent you would have collected while the unit is uninhabitable due to a covered loss. If a fire, burst pipe, or other covered event forces your tenant to vacate while repairs are made, loss of rental income coverage reimburses you for that lost rent — typically up to a policy limit or a set number of months. It does not cover vacancy between tenants, non-payment of rent, or income lost because a tenant broke the lease. The distinction matters, and we make sure your policy limits reflect your actual monthly rental income.

No — and your tenants should know this. Your landlord policy covers the building structure, your personal property in the unit (appliances, furnishings you provide), and your liability. It does not cover your tenant’s furniture, electronics, clothing, or personal belongings under any circumstances. We recommend making renters insurance a lease requirement — it protects your tenants and reduces the likelihood that a tenant loss becomes a dispute with you.

No — and using the wrong policy is one of the most common and costly mistakes rental property owners make. A standard homeowners policy is designed for owner-occupied properties. If you rent your property to a tenant and file a claim, your insurer can deny it because the property is being used commercially. A landlord policy, also called a dwelling fire policy, is designed for non-owner-occupied rental properties and covers the structure, your liability as a landlord, and lost rental income after a covered loss.