4779 Higbee Avenue NW Canton, OH 44718
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Comprehensive Rental Property Insurance with Parson Insurance Agency

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Rental Property Insurance Provided By Our Agency

What type of rental property do you own? You may have several multi-unit complexes, renovated an old fourplex in a historic neighborhood, or leased out an inherited single-family home.

Regardless of your portfolio, we understand that residential real estate investments come with unique challenges that can impact your properties and financial stability. Connect with Parson Insurance Agency in Canton to select personalized coverage and get your property's insurance.

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Physical Structure
Liability coverage
A/C loss reimbursement
breakdown coverage
Fair rental value coverage

Physical structure coverage

Risk Factors

If a storm damages an apartment building's roof, the owner can file a claim against their physical structure coverage.


This type of coverage protects the building's structure, like its foundation, roof, and walls. It also covers detached structures on the property, like garages and maintenance buildings.

Liability coverage

Risk Factors

You may need to pay medical expenses and legal costs when a tenant, customer of a tenant, or guest at a residential property sustains an injury.


Typically, this type of coverage doesn't cover the everyday misfortunes of tenants, such as a tenant slipping and falling in his kitchen. But if a leaky roof causes a guest to slip and fall in a common area such as a lobby, liability coverage can pay medical costs and legal bills.

A/C loss reimbursement coverage

Risk Factors

The loss of essential services may cause the landlord to cut down the rental income from his tenant and suffer a loss.


In some locations, local laws require landlords to reduce tenants' rent if the building loses essential services such as heating and air conditioning. This endorsement can reimburse the landlord for some of the lost rental income.

Equipment breakdown coverage

Risk Factors

Landlords can face extensive repair and replacement costs if a power surge damages a building's electrical system, resulting in damage to a grass-cutting machine or a heating boiler exploding.


Equipment breakdown coverage can help a landlord repair or replace damaged equipment.

Fair rental value coverage

Risk Factors

While tenants move out of the office building due to the tornado damage, the landlord must pay for its repairs.


This coverage can help pay for lost rental income if a building becomes uninhabitable due to a covered loss. For instance, if tenants must move out of an office building to repair tornado damage, fair rental value coverage can reimburse the landlord for a portion of the lost rental income.

What is Rental Property insurance?

Landlord insurance, often known as rental property insurance, shields you against the dangers of long-term tenant rental of your house or apartment. It covers landlords' lost rental income, liability costs, and property damage. This insurance is essential for protecting against the financial risks involved with having tenants on your property, whether you are renting out your home, a vacation property, or an investment property.

Types of Coverages Under Rental Property Insurance

Rental Property Protection
The tangible belongings associated with your rental property are usually covered by property protection in an insurance policy for landlords. This may include the dwelling itself and any equipment you keep on-site to maintain it. Coverage generally includes:

This coverage helps pay for repairs to your rental home, apartment, or condo if it is damaged by fire, wind, lightning, hail, or other covered losses.

Other Structures
If a covered loss affects any of your rental property's detached garage or fence structures, this portion of your policy will pay for repairs.

Personal Belongings Used for Maintenance
Landlord insurance may assist in covering damage to equipment, such as a lawnmower or snow blower, that you leave on-site for the upkeep of your rental property.

Your rental property policy's deductibles and limits apply to each coverage category. Before your landlord insurance begins to pay for a covered loss, you have to pay your deductible.

Liability Insurance
Let's say someone is hurt on your rental property, and you are held accountable. Their hospital or legal bills can subsequently be reimbursed by the liability section of your rental property insurance policy.

Additional Rental Property Insurance to Consider

Depending on your rental's location, geographic area, or condition, you may want to add optional coverages to your landlord policy. These protections might include:

  • Vandalism
  • Burglary
  • Rental Property Under Construction
  • Building Codes

Why is Rental Property Insurance Important?

Homeowner insurance typically covers private residences against fire, floods, earthquakes, and theft. However, as a landlord, rental property insurance is what you need. It provides coverage for damages or losses due to tenant negligence. Additionally, it helps pay for repairs to damaged items like furniture, carpets, and other parts of the home that a tenant may damage. The policy terms may vary depending on the type of structure and the policyholder's needs.

See Parson Insurance Agency at 4779 Higbee Avenue NW Canton, OH 44718 for the best policies to compare or if you have any questions regarding rental property insurance!

Already have Rental Property Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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