(252) 438-8373

Landlord Insurance

Landlord Insurance Overview


If you are the owner of some kind of a rental property, (examples being single family homes, condos or even a converted garage), for which you have a paying tenant, then chances are you will greatly appreciate and enjoy the substantial peace of mind inherent with good landlord insurance.

What it provides

This is a specialized kind of coverage that is engineered to protect the property owner from losses that are part and parcel to owning rental property. It is not, keep in mind, generally available to you if you intend to live in the unit. This kind of coverage will normally protect the building structure along with having a component of liability insurance and repair or replacement coverage for the structure.
There are other options that are also available with some policies, such as personal property coverage for the landlord’s personal belongings that may or may not be used by tenants. This coverage however will not cover the tenant’s personal items. It is important to know that lenders will most likely mandate you to carry this kind of coverage and to also keep it in effect for the life of the mortgage loan. However even if one does not have a mortgage to pay on a property, any landlord would be wise to seriously consider the potential financial benefits that can come from having good landlord insurance protection.

How it works

With this kind of coverage, when a landlord has some kind if damage to his or her property, a claim can be filed to recover financially from loss that is the consequence of said damage, whether inside or outside of a covered building. This can include what is a result of flooding from plumbing problems, a roof being replaced due to a severe wind storm or other various covered events or accidents. When a claim is filed, the landlord pays the agreed upon deductible before compensation can be released. The insurance provider pays the balance of the costs, up to the policy limit of course. Should the policy limits be reached and repairs need to still be addressed, the landlord will need to cover them out-of-pocket.


When you are considering this kind of coverage, you can inquire with your insurance provider as to the ways to save on premium costs, such as opting for a higher deductible. (It is important to note that a higher deductible must be within your means to pay should the unexpected happen and a claim need to be filed.) Other ways include making improvements to the property, like installing better locks on doors or purchasing a state of the art fire alarm system. Each insurance company will have its own types of credits and discounts available, so be sure to ask an insurance professional today for more information on landlord insurance.