5 Insurance Mistakes Wisconsin Landlords Make (And How to Avoid Them)

Frequently Asked Questions

What is the most common insurance mistake landlords make?

The most common mistake is using a standard homeowner policy for a rental property. Homeowner policies do not cover rental activity, and a claim could be denied entirely if the insurer discovers the property is rented out.

Do I need an umbrella policy as a landlord?

Yes. An umbrella policy is strongly recommended for landlords because it provides additional liability coverage above your landlord policy limits. Even a single serious injury claim from a tenant or visitor could exceed standard policy limits.

Should I require my tenants to have renter's insurance?

Absolutely. Requiring renter's insurance protects tenants' belongings (which your landlord policy does not cover) and gives them liability coverage, which reduces the likelihood of claims against your policy.

What is loss of rental income coverage?

For the full picture of landlord and rental property coverage in Wisconsin, see our Real Estate Investor Insurance page.

Loss of rental income coverage replaces rent payments you lose when your property becomes uninhabitable due to a covered event like a fire or major storm. Without it, you would still owe your mortgage but collect no rent during repairs.

How often should I review my landlord insurance?

Review your coverage annually and after any significant change, such as adding a property, completing major renovations, changing tenants, or when property values in your area shift significantly.