What Our Landlord Insurance Actually Covers
Most landlords don't discover what their policy actually covers until they're filing a claim, which is about as fun as discovering your parachute has holes after you've jumped out of the plane. Let's cut through the nonsense and explain what our Monroe NC landlord insurance actually covers:
Dwelling Coverage
This protects the actual structure of your rental property — the walls, roof, floors, built-in appliances, and attached structures like garages. You know, all the things tenants swear "were already damaged" when they moved in.
But here's the thing most agents won't tell you: you need enough coverage to rebuild your property at TODAY'S construction costs, not what you paid for it. Because contractors don't offer discounts just because you bought the property as a foreclosure in 2010.
Loss of Rental Income
This might be the most important coverage you never knew you needed. When your rental property becomes temporarily uninhabitable due to a covered loss (like that time your tenant decided to see if their Christmas tree would fit in the fireplace), this coverage reimburses you for lost rental income during repairs.
Think of it as the "mortgage payments don't stop just because your tenant turned the kitchen into a swimming pool" coverage.
Liability Protection
This is for when someone gets hurt on your rental property and decides your landlord experience should include a lawsuit. It also covers damage you accidentally cause to other people's property.
Because nothing says "successful real estate investor" like NOT having your personal assets seized to pay for a tenant's medical bills.
Other Structures
This covers structures on your rental property that aren't attached to the main dwelling — detached garages, sheds, fences, and that questionable deck addition the previous owner built without permits.