Massachusetts Rental Property Insurance

Protection for Your Rental Property and Real Estate Investment

If you’re an investor or landlord, you need an insurance policy designed to protect your investment. When you rent your property to others, unique situations can arise leaving you with significant losses. Levels of coverage vary, but your policy may cover incidents like property damage caused by tenants, loss of earnings, accident liability, and additional buildings on the property. Whether your investment property is a multi-family home, a single-family home, a condo unit, or an apartment; a dwelling fire insurance policy can provide you the protection you need.


Rental Property Insurance (sometimes called Dwelling Fire Insurance or DP-3 Insusurance Policy) is a policy designed to protect landlords and investors in the event of damage or loss to a dwelling while it is rented or leased to tenants.

Property owners and landlords need rental insurance to cover special circumstances that a general homeowner’s policy doesn’t cover.

Rental Property Insurance protects Investors and landlords looking to purchase a comprehensive insurance policy tailored to protect their rental properties adequately in the event of a loss.


Renter’s Insurance/Dwelling Fire Insurance provides owners and investors with a variety of choices to cover their unique property needs. Further, the coverage you choose may be based on the property you need to protect or the flexibility you need. LoPriore Insurance Agency offers three different policies for Rental Insurance.

Dwelling Fire Basic Form Policy (DP-1)

The DP-1 policy is the most affordable policy and provides only the most basic coverage. Your DP-1 form will list the events covered by this policy explicitly so you’ll have a clear understanding of what’s covered and what isn’t. Thus, in the event of a claim, you will be paid for covered damage minus depreciation (wear and tear that occurs over time).

DP-1 coverage includes:

  • Fire & Lightning
  • Smoke
  • Windstorm and hail
  • Aircraft
  • Vehicles
  • Explosion
  • Vandalism
  • Volcanic Explosion
  • Riot
  • Reimbursement of rental income up to 12 months when a covered event makes the dwelling unfit to rent.

Dwelling Fire Broad Form Policy (DP-2)

The DP-2 policy is similar to the DP-1 policy but provides broader coverage. Covered events are listed on the policy for clarity, including additional events not covered by the basic form. Reimbursement for DP-2 generally provides current replacement costs without considering depreciation.

DP-2 coverage includes the same coverage as the basic policy with these additions:

  • Collapse
  • Burglary Damage
  • Glass Breakage
  • Falling objects
  • Frozen Pipes
  • Accidental water overflow
  • Weight of Ice and Snow
  • Electrical Damage

Dwelling Fire Special Form Policy (DP-3)

The DP-3 policy provides the most extensive coverage for investment landowners and landlords. In fact, this form covers a broad range of events. Instead of listing covered perils, the DP-3 policy covers all events except for those explicitly excluded on the form. Reimbursement for a claim with the DP-3 is similar to the DP-2, providing current replacement costs without depreciation.

DP-3 coverage includes coverage for most risks. In fact, exclusions include:

  • Ordinance or Law
  • Nuclear Hazard
  • Flood/water damage
  • Earth Movement
  • Neglect
  • Power Failure
  • War
  • Governmental Action
  • Intentional Loss
  • Mold

At LoPriore, our motto is insurance that fits your lifestyle. That’s why we include additional choices to fit your unique needs.Thus, if the standard coverage supplied by your chosen policy is insufficient for your needs, you can purchase additional optional coverage to support your policy. Additional options include:

  • Earthquake
  • Flood
  • Theft
  • Personal liability and medical coverage for tenants or visitors in the event they’re injured on the property

While a broad form policy usually provides adequate coverage, special circumstances may occur where you need extra protection. If you need rental insurance beyond the typical coverage, you can add an umbrella policy to your dwelling fire policy.

Rental Property Insurance Massachusetts, LoPriore Insurance Agency

FAQ - Rental Property Insurance - FAQ

If you’re new to rental properties and the potential difficulties that could arise, you may have questions about your insurance needs. Thus, here are a few of the questions our current customers have asked.

Why Do I Need Rental Insurance Instead Of Homeowner’s Insurance?

While both policies have similarities, a renter’s insurance policy has features designed to protect your property while tenants are living there. Rental insurance insures the value of the dwelling in the same way a homeowners insurance policy does. It also has additional liability coverage for your tenants and coverage for damages by non-owners.

Do I Have To Get Dwelling Fire/Rental Insurance?

Like Homeowners Insurance, you’re not required by law to purchase rental insurance in Massachusetts. However, if the property isn’t paid for, your mortgage may require you to have the proper insurance that suits the purpose of the home and property. While rental insurance isn’t required by law, it’s a good way to avoid a significant debt or total loss in the event of a disaster.

Does Rental Insurance Cover Personal Property On The Premises?

As a landlord, you likely need to leave items on the property for routine maintenance. Additionally, more coverage covers the landlord’s personal property. Indeed, common possessions covered by the policy include lawnmowers, garden equipment, tools, and other maintenance equipment. However, your rental insurance does not protect the personal property of your tenants.

Is Rental Insurance Tax Deductible?

Yes. Your insurance premiums may be tax-deductible because your rental property is a business investment. Some exclusions apply, so it’s important to discuss your personal situation with your tax advisor.

Does Rental Insurance Cover Additional Property Structures?

Structures attached to the main dwelling, like the porch or deck, are automatically covered along with the building. Further, policies can include other unattached buildings, like a garden shed or garage.

Choose LoPriore for Your Rental Insurance and Investment Properties Insurance Needs in Massachusetts

Our expert independent insurance agents at LoPriore are here 24/7 to help you find the insurance policies that best meet your needs. Instead of trying to sell you policies you don’t need, our experts work as trusted agents who listen to your story and supply you with the advice you need to make the right decision for your unique needs.

Rental/fire dwelling insurance costs only a percentage more than the traditional homeowner’s insurance and can offer you confidence and peace of mind if an unexpected emergency arises. A rental property is a financial investment and an important part of your income. When disaster strikes, rental insurance ensures covers your investments. Click below to get an instant quote and start protecting your rental property today.

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