Landlord Insurance in Columbus: What You Should Know

Columbus is Ohio’s capital and largest city, known for its distinctive pizza slices, art-friendly districts, and extensive craft brewery scene. While the city’s draw is undeniable, it has also faced its share of challenges over the years, including thousands of natural disasters. From floods to tornadoes and severe storms, these events have caused millions of dollars in damage and reminded property owners how quickly the unexpected can happen.

For landlords, these risks can mean costly repairs, lost rental income, and potential legal claims. Landlord insurance in Columbus helps protect against those losses by covering property damage, liability, and rent you can’t collect while repairs are made. In this guide, we’ll compare landlord insurance vs. homeowners insurance, explain how these policies work, explore what drives landlord insurance costs, and ensure you know how to file a claim. It’s all part of protecting your investment and creating a comfortable environment for your tenants. 

What Is Landlord Insurance?

Landlord insurance in Columbus is specifically designed for properties you rent out to tenants, not ones you personally live in. These policies can be used for single- or multi-family homes, duplexes, or apartments. Most standard policies have three main parts:

1. Dwelling coverage: This pays to repair or rebuild your rental home if it’s damaged by things like fire, wind, hail, or certain types of water damage. 

2. Liability coverage: If someone gets hurt on your property and you’re deemed responsible, liability coverage helps pay for medical bills and legal costs, protecting both you and the property. 

3. Loss of rental income coverage: If your property is damaged so badly that tenants can’t live there for a while, this coverage replaces the rent you would have collected during the repairs.

These basics are important, but they don’t cover everything. Most landlord insurance policies have things they won’t pay for, and it’s important to be aware of these to avoid denied claims. The most common exclusions include:

• Tenants’ personal belongings
• Pest damage (like termites or mice)
• Mold from poor maintenance
• Natural disasters
• Wear and tear from normal use
• Eviction costs or lost rent from problem tenants
• Intentional tenant damage
• Damage from neglect

If your property is at risk for any of these situations, you can expand your coverage by adding endorsements, which are optional add-ons you can purchase separately. For Columbus landlords, endorsements worth considering include:

• Vacancy loss: Most Columbus landlord insurance policies will stop offering coverage if your property sits empty for 30-90+ days, voiding your agreement entirely. To avoid that, consider buying vacancy coverage so that your investment is protected even when it’s not being used. 

• Sewer and drain backup: Pays for damage if heavy rain or a clog causes water or sewage to back up into the house.

• Flood insurance: The Columbus area faces a major risk of flooding. Even with the city’s floodwall, heavy rain and overflow from the river can still cause damage in low-lying areas. 

• Ordinance or law coverage: Helps cover extra costs if you have to update the property to meet newer building codes after damage.

• Crime-related coverage: Protects against things like vandalism or break-ins.

• Equipment/system breakdown: Covers sudden failures of big systems like the furnace, air conditioner, or water heater.

• Landlord belongings: If you provide furniture or appliances for tenants to use inside your property, or keep things like a snow blower or lawn mower at the home, you may want them to be covered in the event of damage. 

Although landlord insurance in Columbus isn’t required by any state or federal law, it’s still something you’ll want to have, and most mortgage lenders will require it. Without a policy, you risk having to pay thousands out of your own pocket to cover damages, legal defense fees, medical bills, and more. Those expenses can quickly devalue your property and cause your rental income to come to a halt.

Comparing Landlord Insurance vs. Homeowners Insurance

Many new landlords assume they can just use their homeowners policy on a rental property, but that’s not how insurance works. When it comes to landlord insurance vs. homeowners insurance, the differences matter.

Homeowners insurance is for owner-occupied homes. It covers your personal belongings, provides liability protection for guests, and pays for temporary living expenses if you have to move out during repairs.

Columbus landlord insurance, on the other hand, is for properties you rent out. These policies are created with the unique risks of rental ownership in mind. Since owning a property and collecting rent is like having a business, these policies treat it as such. That’s why they focus on the building, your liability as the property owner, and your rental income, but not your personal possessions. 

Because rental properties carry more risk, landlord insurance costs are generally more expensive, often carrying a 25% higher price tag. Knowing the differences between landlord insurance vs. homeowners insurance ensures you have the protections in place for both your investment and your personal home. 

Different Types of Rental Property Coverage in Columbus

When you start searching for landlord insurance in Columbus, you’ll begin to notice three primary policy types, which are DP1, DP2, and DP3. These “dwelling policy” forms offer various levels of protection and come at different price points as a result. Choosing the right one depends on your property, your budget, and how much risk you are comfortable taking on.

DP1 Policies

A DP1 policy (Dwelling Fire Form 1) is the most limited and budget-friendly option. It only protects your property against specific events called “named perils” that are listed in the policy, such as fire, wind, or hail. If something happens that is not named in the policy, it will not be covered. 

DP1 policies also pay claims based on what your property or materials are worth right now, not what it would actually cost to replace them brand new. This is called actual cash value (ACV) and often results in a smaller payout since it accounts for the age and condition of what was damaged. A DP1 plan usually works best for older or lower-value rentals where you feel okay covering more of the repair or liability costs yourself should something bad happen. 

DP2 Policies

DP2 policies (Broad Form) offer more protection than DP1. It still lists the events it covers, but the named perils are broader, often including things like a burst pipe, a fallen tree branch, or collapses from heavy snow and ice. Another advantage is that DP2 pays by replacement cost instead of ACV, meaning your check will be equal to the amount it costs to replace damaged materials or structures with new ones of similar quality. This usually means you get more money to make repairs. Because it’s a good balance between cost and coverage, many landlords go with DP2 landlord insurance in Columbus. 

DP3 Policies

DP3 or Special Form coverage is the most thorough kind of Columbus landlord insurance. Instead of only covering what’s listed, it covers almost every type of damage unless it’s specifically excluded in the policy, such as floods or regular wear and tear. Like DP2, it pays based on the cost of replacing items with new ones. DP3 policies cost the most, but they also give you the broadest protection. They’re a great choice if you own a high-value home, a historic property, or a rental in an area where bad weather or unexpected damage is more likely.

Umbrella Insurance

Even if you have a good Columbus landlord insurance policy, there are still situations where the damage or legal costs could be higher than what your policy will pay you. That’s when umbrella insurance can be valuable to have. If you’re sued for $1 million because of an accident at your rental, but your policy only covers up to $400,000, that means you’ll be responsible for paying the difference, which is over half a million dollars. In most cases, umbrella insurance is very affordable, costing an average of $383 per year for $1 million of coverage. For many, that’s a small price for such big coverage. 

Limited Liability Company (LLC)

Another way you might choose to protect yourself is by putting your rental property into a Limited Liability Company, or LLC. While an LLC isn’t a form of landlord insurance in Columbus, it’s how you can separate your personal bank account and possessions (like your car, house, etc.) from your rental business. If someone sues you, they would be suing the LLC instead of you personally, meaning your personal assets are shielded from being used to pay a judgment. If you own multiple rentals, manage units in high-traffic areas, or want to separate your personal life from your business, this could be a great option. 

Understanding Landlord Insurance Costs in Columbus

When it comes to landlord insurance costs, Columbus tends to be more affordable than many other large U.S. cities. However, the final price you pay will be dependent on several factors. Landlord insurance costs in Ohio are about $946 annually, or $78.83 per month, but these variables can drive the premium up or down: 

• Property age and condition: Newer homes usually cost less to insure because they meet modern building standards and use the most advanced materials. 

• Endorsements added on: Adding flood coverage, sewer backup protection, or other extras will increase your landlord insurance costs. 

• Security and safety features: Deadbolts, alarm systems, and impact-resistant roofs are features that can often qualify you for discounts on a Columbus landlord insurance policy.

• Property location: Rentals near the Scioto (like Franklinton) may have higher premiums due to flood risk. Other hazards, like high-crime areas, can also cause the price to rise. 

• Policy type chosen: DP3 policies will cost you more than DP1 or DP2 plans, but the coverage you receive will vary. 

• Claims history: If you’ve filed multiple claims in the past or have a rental in a high-claim neighborhood, you may pay more as a result. 

Properties in older neighborhoods like Olde Towne East, Short North, and Franklinton may face higher landlord insurance costs because older plumbing, roofing, and wiring can make damage more likely. However, if you’ve completed renovations on a historic property, certain discounts may offset the higher premium. 

How to File a Landlord Insurance Claim in Columbus

Even if you never plan to use your Columbus landlord insurance, knowing how to file a claim is an important part of owning a rental property. If something happens to your property, you’ll want to act quickly to avoid a denial and get paid faster. Here’s a step-by-step guide for handling a claim under your Columbus landlord insurance policy:

1. Document the damage immediately: Take photos and videos of the damage from various angles, ensuring that they’re timestamped. If possible, include a mix of wide shots of the affected areas along with close-ups of specific damage. 

2. Prevent more damage: Insurance companies expect you to take reasonable steps to keep the problem from getting worse. For example, if a storm breaks a window, you can board it up until repairs are made. If a pipe bursts, turn off the water supply.

3. Contact your insurance company ASAP: After big storms in Columbus, adjusters can have long wait times. The sooner you file your claim, the sooner you’ll be scheduled for an inspection.

4. Submit all requested paperwork: Your insurer may ask for repair estimates, receipts for emergency work you’ve done, or official reports (like a police report for vandalism or a fire department report for smoke damage).

5. Walk the property with the adjuster: When the insurer visits your property, point out all the damage you’ve found, even if it’s minor or seems obvious. This helps ensure nothing is overlooked in your payout.

6. Keep all records: Don’t throw anything related to the claim away. This includes emails, letters received by mail, notes from phone calls with your insurer, and receipts for materials purchased for temporary repairs. Receipts could be reimbursable, while other records could be used in case you need to appeal the company’s decision. 

7. Wait for a decision: Insurers in Ohio are required by law to let you know if your claim is missing important details, and they have 15 days to do so. Once you’ve submitted all the right forms, your claim must be processed within a month. Upon approval, your payout will be sent within 10 days. If the claim is denied, you have the right to appeal the decision. 

During severe weather events, like hailstorms or tornadoes, many property owners file claims all at once. Being organized, having relevant phone numbers and forms on hand, and filing quickly can help you get priority for both adjuster visits and contractor repairs. 

Wrapping Up: Why Columbus Landlord Insurance Matters

Owning rental property in Columbus means recognizing both the opportunities and risks that exist in the city. From sudden hailstorms to frozen pipes in January, the unexpected can turn a good month into a financial scare overnight. When you buy landlord insurance in Columbus, you also purchase peace of mind. The right policy can protect you from lawsuits, cover costly repairs, and replace your rental income when your property is temporarily unlivable. 

To ensure all your bases are covered, consider partnering with a local property manager like Evernest. Don’t wait until the next storm or tenant dispute. Reach out to us today so that we can create a plan that keeps your investment safe through every concern that comes your way.