Landlord Insurance in Belmont, NC

Insurance for landlords is crafted to financially safeguard those who rent out residential or commercial units. This type of insurance can cover the actual property, compensate for missed rental earnings, provide liability coverage and address other hazards that come with owning rental properties. It’s a crucial consideration for property owners involved in leasing.

What Is Landlord Insurance?

Landlord insurance, alternatively termed rental property insurance, is tailored for owners who rent out their properties. It can offer a financial safety net against a multitude of risks and liabilities that may arise for landlords during the leasing of residential and commercial spaces.

What Does Landlord Insurance Cover?

The following are common types of coverage included in a landlord insurance policy:

1. Dwelling coverage may help financially safeguard the physical structure of a rental property from damage caused by covered perils.
2. Liability coverage may protect landlords from legal and financial consequences if a tenant or visitor sustains injuries on the rental property and holds the landlord accountable.
3. Contents insurance is optional coverage for the landlord’s personal belongings left on the property for tenant use, such as furniture or appliances.
4. Loss of rental income may compensate for lost revenue when the rental property becomes uninhabitable due to a covered event, preventing a landlord from collecting rent during the repair or rebuilding process.

What Is Not Covered by Landlord Insurance?

Landlord insurance typically excludes coverage for the following:

• Costs for regular upkeep and maintenance of the property
• Wear and tear
• A tenant’s personal items
• Damage caused intentionally by tenants
• Earth movements (e.g., earthquakes, erosion and mudslides)
• Water damage due to sewer or drain backup
• Damage due to neglect
• Acts of war
• Asbestos removal

It’s essential for landlords to carefully review their insurance policies and understand these exclusions to help ensure they have the right coverage for their properties and avoid unexpected out-of-pocket expenses.

Learn More

Contact Stowe Insurance today to discuss your landlord insurance policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.