Last updated: October 10, 2023
Landlord insurance is a bundle of property and casualty insurance designed to protect rental property owners, their rental property, their tenants and contractors. Choosing the right landlord insurance policy can present a difficult decision balancing protection and cost. The purpose of this article is to help you understand risks associated with rental property ownership, and help you implement insurance coverage that protects your property, your business and your cash flow.
Before we go any further, let's make it clear that landlord insurance, just like any other form of insurance, is a commodity. There are many carriers that offer a specialized form of homeowners insurance that we call "landlord insurance". These carriers are actively serving a healthy market in North Carolina. So, to be clear, you have choices. There are many agencies that can provide you with landlord insurance for your North Carolina rental property, and you probably have a million other priorities competing for the the headspace that the act of shopping for landlord insurance can consume.
Therefore, the best landlord insurance North Carolina real estate investors can access comes down to the following factors:
A landlord insurance policy is a bundle of the following coverages:
Depending on where your property is located in Chicago, there are coverages that you may want to include:
Insurance premiums may be higher in certain parts of Chicago depending on a host of location-specific data points including:
Landlord insurance in North Carolina is considered moderately priced and stable. Insurance companies have increased their premiums in response to inflation of labor costs, material costs and home prices because this has increased replacement cost in the event of a claim.
DSCR lenders in North Carolina follow similar national guidelines for landlord insurance coverage. Here are the min and max coverage requirements:
|Minimum Coverage||Maximum Coverage|
|Dwelling (property)||loan amount||replacement cost|
|General liability||$100,000 per occurrence||$1,000,000 per occurrence / $2,000,000 in the aggregate|
|Loss of rent||6 months rent||12 months actual rent|
Depending on which lender you are working with, your insurance premium may vary considerably, especially if you are required to cary full replacement cost for your dwelling coverage.
OfferMarket Insurance would love to provide you with the best coverage at the lowest possible price. Take a moment to request a quote and a member of our team will be happy to assist you!
Did you know that we also specialize in fix and flip insurance? We serve a fast-growing community of BRRR (fix and rent) investors and flippers throughout North Carolina and we would love to help you save time and money on your next fix and flip builders risk policy!