Residential Rental Property Insurance Coverage Checklist
The coverages a residential rental property business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for owners of single-family, duplex, triplex, and quadplex rentals leased to long-term tenants. Priorities reflect typical exposure for this class; confirm against your actual properties and leases.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Dwelling Property — Special Form (DP-3) | Open-peril coverage on the building at replacement cost. A DP-1 covers named perils only and pays depreciated value. | Core | |
| Landlord Premises Liability | Dwelling forms include no liability. Add a personal liability supplement or a landlord liability policy for tenant and visitor injuries. | Core | |
| Fair Rental Value / Loss of Rents | Replaces rent while a unit can't be lived in after a covered loss. Basic DP-1 forms don't include it. | Core | |
| Umbrella / Excess Liability | Adds limits over every rental at once; dog bites, falls, and fires can exceed a $300,000–$500,000 primary limit. | Prevalent | |
| Ordinance or Law | Pays for code upgrades the city requires when an older rental is repaired or rebuilt. | Prevalent | |
| Water Backup & Sump Overflow | Sewer and drain backups are excluded unless this is added. | Prevalent | |
| Vacancy Permit / Endorsement | Keeps vandalism, water, and theft coverage in force when a unit sits empty more than 60 days. | Situational | |
| Landlord's Furnishings & Appliances | Covers appliances and furniture you supply; tenants' belongings need their own renters policy. | Situational | |
| Flood (NFIP or Private) | Flood is excluded from every dwelling and landlord form. | Situational | |
| Earthquake / Named Storm | Excluded or carries a separate percentage deductible in many states. | Situational | |
| Workers' Compensation | Needed if you employ anyone to maintain or repair the properties. | Situational |
The coverage gap most often missed
The gap most often missed by small landlords is liability. Dwelling forms (DP-1, DP-2, DP-3) cover the building but include no liability unless a personal liability supplement or separate landlord policy is added. Owners who keep their old homeowners policy after renting out a house face the same problem: a California court upheld a denial of a tenant's injury suit under the rental and business exclusions, and the owners paid the $43,000 settlement themselves. Confirm every rental has liability coverage, and ask about vacancy before a unit sits empty for 60 days.
Send us the checklist and we'll review your residential rental property coverage line by line, then market it across multiple carriers that compete for your account.
Related: Residential Rental Property Insurance · Residential Rental Property Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a residential rental property business need?
The core coverages for a residential rental property business are Dwelling Property — Special Form (DP-3), Landlord Premises Liability, Fair Rental Value / Loss of Rents. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my residential rental property coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.