A standard homeowners policy won't cut it for a rental property. Get purpose-built landlord coverage that protects your structure, your rental income, and your liability.
Owning rental property in Indiana or Kentucky is a meaningful financial investment — and one that carries risks a standard homeowners policy simply wasn't built to cover. If you rent out a property, you need landlord insurance (also called a dwelling fire policy or DP-3). Using a homeowners policy on a non-owner-occupied rental is a coverage gap that could leave you unprotected at the worst possible moment.
The difference matters enormously. A standard HO-3 homeowners policy is designed for the owner who lives in the home. The moment you rent to a tenant — even short-term through a platform like Airbnb — your homeowners insurer may deny claims related to that rental activity. Landlord insurance is built specifically for this scenario, providing the right protection for non-owner-occupied residential properties.
One of the most valuable features of a landlord policy is fair rental value coverage. If your rental is damaged by fire, storm, or another covered event and becomes temporarily uninhabitable, this pays you the lost rent while repairs are made. For landlords with a mortgage on the property, losing rental income during a claim can be financially devastating — this coverage bridges that gap.
Indiana and Kentucky landlords also face real liability exposure. From tenant injuries on the property to habitability disputes, the legal risks of rental ownership are substantial. Bill Cline will help you build a comprehensive landlord policy — and for those with multiple properties or significant personal assets, an umbrella policy provides an additional layer of high-limit liability protection.
Get My Free Quote →Bill Cline is a veteran who founded Yellow Ribbon Insurance in 2018 with a mission to serve Indiana and Kentucky families with honesty, integrity, and genuine care.
We're not a call center. We're your neighbor — a local agent who takes the time to understand your situation, your family, and what matters most to you.
With over 47 five-star reviews, our clients consistently praise Bill's responsiveness, expertise, and genuine care for their families and businesses.
We have access to policies with claims forgiveness on qualifying coverage — meaning your first claim won't automatically raise your rates.
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From Bloomington to Louisville, we know the local risks — severe weather, regional driving conditions, flood zones — and build your coverage accordingly.
Rates vary based on your location, history, coverage level, and other factors. The table below gives you a general idea of what Indiana and Kentucky residents typically pay. The best way to know your exact rate is to get a free, no-obligation quote.
| Coverage Level | Typical Monthly Cost (IN/KY) | Notes |
|---|---|---|
| Basic DP-1 (Named Perils) | $70–$100/mo | Covers fire and limited named perils — minimum protection, not recommended |
| Standard DP-3 (Open Perils) | $100–$160/mo | Most common — covers all perils except those specifically excluded |
| DP-3 + Rental Income Coverage | $130–$190/mo | Adds lost rental income protection — essential for most landlords |
| Multi-Property Portfolio | Custom pricing | Contact Bill for a portfolio review — often more efficient per property at scale |
Every policy is unique. Call Bill Cline at (812) 359-1767 or request a free quote online — no pressure, no commitment.
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