Landlord insurance provides coverage for property owners renting out one or more residential homes, apartments, or condos. It is not required by law, but you would be wise to carry it if you’re collecting rent and managing a property. As a landlord, you need protection from financial loss that may result from damages to a rental property due to fire, break-in, severe weather, and more. You can get insurance to help cover the loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.