Your homeowners policy doesn't cover a property your tenant lives in.

Why Choose Ryan P. Conway Agency

Most landlords find out they're underinsured when a claim is denied.

Rental property insurance — often called landlord insurance — is a distinct policy type with different coverage definitions than a homeowners policy. The exposures are different too: tenant-caused damage, extended vacancy, loss of rental income, and liability for injuries on the property. As an independent agency, we place rental property coverage with carriers that actually specialize in landlord risk, and we make sure your policy reflects how the property is actually used — single-family rental, multi-unit, short-term, or mixed.

Use Cases

Rental property scenarios we see most often in Northern Illinois

Single-Family Rental Homes

The most common situation — a landlord with one or two properties rented to long-term tenants. A straightforward landlord policy covers the dwelling, liability, and loss of rental income, and typically costs modestly more than a homeowners policy for the same structure.

Multi-Unit Properties

Duplexes, triplexes, and small apartment buildings require a policy structured for multiple units and multiple tenants. Liability exposure scales with the number of units, and loss of rental income coverage becomes more complex.

Short-Term Rentals

Properties listed on Airbnb, VRBO, or similar platforms often fall into a coverage gap — too commercial for a homeowners policy, too transient for a standard landlord policy. Specialty short-term rental coverage or a specific endorsement is required. This is one of the most frequently misunderstood coverage situations we encounter.

Vacant Properties

A property between tenants, undergoing renovation, or held for future use needs vacancy coverage. Most standard policies limit coverage to 30 or 60 days of vacancy — after that, a claim can be denied entirely.