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âA DP-3 policy might provide replacement cost on the house and theft of contents coverage for your belongings,â says Millar. Expect to pay 15% to 20% more for landlord insurance than you did for homeowners insurance. In recent years the average cost of homeowners insurance was $822 a year. Tack on 20%, and that would put the average annual premium on landlord insurance at about $986. A landlord policy covering a one-year rental for a home in Maine insured for $370,000 and personal property for $10,000 would cost $1,170, for example, says Millar. Expect to pay even more if you allow short-term rentals.
Renters insurance. While renters insurance isn't very expensive in most cases, it can be difficult to deal with for those who have not budgeted for it. However, not having renters insurance is a much bigger problem, should something happen. Whether or not your landlord requires renters insurance, it is something that you should have. In many cases, renters assume that the property insurance that the landlord or owners of the apartment complex has will protect them in the case of a theft or fire.