Rental or Investment Property Insurance (often called Landlord Insurance) is a specialized policy designed for individuals who own a residential property but do not live in it, instead renting it out to tenants. This essential coverage is needed because a standard homeowners policy will not cover the unique risks associated with a rental business. The policy primarily protects the financial investment in the structure itself from damage due to covered perils like fire, severe weather, or vandalism. Crucially, it provides Loss of Rental Income coverage, reimbursing the landlord for lost rent if damage makes the property temporarily uninhabitable. Finally, it includes liability protection against claims of injury or property damage for which the owner may be found legally responsible.