Standard home insurance policies in Matthews, NC, aren’t designed for landlords. They’re created for people who live in the home they own. However, other options offer the benefits you need. A landlord policy provides the coverage every landlord should have.

Property Coverage

These policies cover property damage from covered perils, just like standard home insurance policies do. Many policies cover events like fires, wind damage, and certain types of damage from natural disasters. Coverage for natural disasters varies, so it’s important to speak with an agent at Jim Boyce Insurance to learn more.

The policy will only cover structural damage to the building. It won’t cover any damage to the tenant’s belongings. Tenants are responsible for obtaining a renter’s insurance policy to cover their personal property.

Liability Coverage

Landlord policies also provide liability coverage in case someone, including a tenant, gets injured on the property and it’s deemed your fault. Liability coverage can help pay for a settlement against you or the cost of the injured person’s medical bills.

Lost Income

Some policies will reimburse you for lost rental income, but it depends on the reason why. For example, if you cannot rent the property because it was damaged by a covered peril, such as a hurricane, you may be reimbursed for lost income. However, it won’t reimburse you for lost income if the tenant doesn’t pay rent for other reasons, such as financial hardship.

Maintaining proper insurance that meets your needs is crucial as a landlord. At Jim Boyce Insurance, we’ll discuss the details of your policy so you’re aware of the covered events and common exclusions. Contact us today. We’re currently serving the Matthews, NC, area.