Landlords in Raleigh, North Carolina need to have insurance on their property. Homeowner’s insurance is not enough, and renter’s insurance – while it can reduce some of the risks to the property owner – do not provide the protection that you need to fully ensure the long term success of your rental business.
Landlord insurance offers a safeguard against various risks associated with renting out properties. Landlord insurance is designed to provide property owners with financial protection against losses related to their rental properties. Unlike standard home insurance, landlord insurance is specifically tailored to cover the unique risks of renting out a property.
What is Covered?
Landlord insurance covers some of the same components of a property as other forms of property insurance, like homeowner’s insurance, but it also provides extra coverage in areas of need. Some of the items covered include:
- Property Damage – This forms the core of most landlord insurance policies. It covers damage to the physical property due to fire, extreme weather, theft, vandalism, and other covered events. Given Raleigh’s susceptibility to weather events like hurricanes and storms, this coverage is particularly vital.
- Loss of Rental Income – In cases where a rental property becomes uninhabitable due to a covered event, such as a natural disaster, this aspect of the policy covers the loss of rental income. It’s a critical feature for landlords to ensure a steady income stream during unforeseen circumstances.
- Liability Protection – This is essential if a tenant or visitor suffers an injury on the property due to maintenance issues or negligence. Liability protection can cover legal fees and medical expenses, protecting landlords from out-of-pocket expenses and lawsuits.
- Additional Structures – For properties with detached garages, fences, or sheds, landlord insurance can cover these additional structures on the rental property.
Your contract you have with the lessee is going to offer you some protection. But it is still your property and your asset at risk. Since being a landlord is an investment, and one that is designed to protect your financial future, anything that offers additional protection is critical for your long term success.
For more information about landlord insurance in Raleigh, NC, please contact Mason Insurance today.