North Carolina Landlord Insurance
Is landlord insurance required?
Landlord insurance is not required by law, but most lenders will require it if you're financing the property or have a mortgage on it. Remember, your homeowners insurance policy likely will not cover the home you're renting out. That means any damage to the home, the belongings inside you own, or lawsuits against you will not be covered unless you get landlord insurance.
Does landlord rental insurance cover loss of rental income?
Most insurers will protect the landlord against loss of rent in the event of a covered loss. For example: There's a small fire, your tenants can't stay there, and don't pay rent. However, you won't have coverage if your tenant can't pay the rent because of a job loss or financial problem.
Does landlord insurance cover tenant damage?
It depends on the situation. Things that are sudden and accidental may be covered, as well as vandalism such as spray painted pictures, unpleasantries or graffiti on the wall. To avoid these types of situations, landlords generally require a security deposit to pay for damages by a tenant.
Does landlord insurance cover the cost of evicting a tenant?
Insurers usually don't cover eviction costs. However, eviction insurance can be purchased separately from other companies.
Does landlord insurance cover the tenant's stuff?
No. It's a common misconception that a tenant's personal belongings will be covered by the landlord's insurance. The tenant needs a renters insurance policy to protect whatever stuff they bring with them. That's why some landlords mandate or strongly encourage their tenants to get renters insurance. The last thing you want is your tenant mad at you because they didn't know their belongings weren't protected under your policy. In addition, your tennant's renters insurance offers them liability protection in case you must take them to court for damages to your home they're liable for.
What Isn’t Covered by Landlord Insurance?
When you’re a landlord, it’s your responsibility to maintain and repair your property. For instance, if you have a leaky sink that causes damage over time, your landlord policy likely won’t cover it. However, if an appliance is damaged in a kitchen fire, your policy may cover the cost to repair or replace it.
Call us today!
Call us today for a free no obligation quote! We'll find you the most affordable coverage possible, with the best protection we have available.
Disaster Can Strike in an Instant!
A house fire can start and spread very quickly, often within a matter of minutes and a landlord rental insurance policy can protect your home. The speed depends on factors like the materials in the home, the fire's fuel source, ventilation, and the initial location of the fire. Here's a breakdown of how quickly a house fire can progress:
Initial Ignition (0-1 minute):
- A fire can start from something as small as a spark, an unattended candle, or a cooking accident.
- Once ignited, it grows rapidly, feeding on flammable materials like fabrics, paper, or wood.
First 1-2 Minutes:
- Fire doubles in size every 30 seconds.
- The fire spreads to nearby items such as curtains, furniture, or carpeting, creating more heat and smoke.
- Smoke and toxic gases begin to fill the room.
2-5 Minutes:
- The fire intensifies and can engulf an entire room in flames.
- Temperatures can exceed 1,000°F (538°C) near the fire source.
- Smoke spreads quickly, reducing visibility and making escape more difficult.
- Toxic gases like carbon monoxide and hydrogen cyanide become life-threatening.
5-10 Minutes:
- Flames can spread to adjacent rooms through open doors or by igniting walls and ceilings.
- Flashover may occur, where all combustible materials in the room ignite simultaneously.
- Structural elements, such as wooden beams, may start to weaken.
Beyond 10 Minutes:
- Fire can spread throughout the entire house if not contained.
- Roof and structural collapses become likely.
- Damage to property and threats to life become severe.
There’s no obligation for our services and you’ll pay the same price offered by the insurance companies you already know and trust when working with us.
Wolff Shipp, Principal Agent
