What is landlord insurance?
People who have property that isn’t your primary residence and that they rent out on a long-term lease, such as a second home or guest house, may need landlord insurance. Landlord insurance may protect you from financial loss if you have rental properties or tenants. Whether you make a living renting multiple properties or you’re an “accidental landlord,” renting the home you just moved out of and can’t sell, a Dwelling Fire policy is also important insurance for landlords to carry because standard homeowners policies don’t usually cover homes being rented out. This type of insurance goes beyond homeowners insurance.
Landlord insurance covers the dwelling, other structures (such as a fence), your personal property and liability. It also covers loss of rental income. Property owners can make claims for problems such as loss of rental income if the house is damaged and you can’t rent it out.
What Does Landlord Insurance Cover?
Here are common coverage types:
- Dwelling coverage: Landlord insurance generally covers any physical damage or loss to the property caused by problems such as wind, hail and fire.
- Other structures coverage: Structures not connected to the property, such as a fence, can be covered under the policy.
- Personal property: This covers damage to your own possessions that you use to maintain the rental property, such as a lawnmower or snowblower.
At Lee Winters Insurance Agency in Raleigh, North Carolina, we work with our local community to provide a wide range of insurance, including landlord insurance. This type of insurance is extremely affordable and can save you a bundle when something unexpected goes wrong. Call us today to find out more!