Landlord Insurance in Beaufort, NC & Morehead City, NC

Landlord insurance is a crucial financial safeguard for property owners who rent out houses, apartments or other properties. Unlike standard homeowners insurance, landlord policies offers specialized coverage tailored to the unique risks landlords face.

What Is Landlord Insurance?

Landlord insurance typically includes the following coverage:

• Property damage coverage may help cover the cost of physical damage to the property caused by events like fire, wind, hail or vandalism.
• Liability coverage may offer financial coverage if someone is injured on the property and the landlord is found legally responsible.
• Loss of rental income coverage may compensate the landlord for lost rent if the property becomes uninhabitable due to a covered event, preventing rent collection.
• Personal property coverage may help financially cover items owned by the landlord that are used to maintain the rental property, such as lawnmowers or snow blowers.

How Much Does Landlord Insurance Cost?

The following factors can influence insurance premiums for landlords:

• Property location—Properties in areas prone to natural disasters like floods, earthquakes or hurricanes typically have higher premiums.
• Property type and size—Larger properties or those with more units generally cost more to insure.
• Property condition and age—Older properties or those in less-than-perfect condition may have higher premiums due to increased risk of damage.
• Coverage amount and type—The extent of coverage you choose, including additional options like loss of rental income or liability coverage, will affect the cost.
• Claims history—A history of frequent claims can lead to higher premiums.
• Security features—Properties with security systems, smoke detectors and other safety features may qualify for discounts.
• Deductible amount—Higher deductibles generally result in lower premiums, but you’ll pay more out-of-pocket in the event of a claim.

How to Get Landlord Insurance

Contact Willis Insurance to discuss your property insurance options.