North Carolina Dwelling Fire (DP3)

It is a big responsibility to be a landlord, and protecting yourself against property damage is important. At Heritage Property and Casualty, we offer coverage for North Carolina landlords. These policies are for residents that have properties rented out and are looking for dwelling fire policies or landlord insurance policies that insure single-family or duplex homes. A dwelling fire (DP3) policy provides coverage that you can count on, including the following:

Loss of Rents

Condo Insurance – Medical Personal Liability Coverage One of the biggest challenges a rental property in North Carolina is facing is a natural disaster. When this occurs, not only do you have to repair the property, but you are not getting any income from that property while it’s vacant. Loss of rents coverage provides a landlord with continuous rental income if their active rental property must be vacated due to repair work after a covered peril such as a fire, windstorm, or hurricane. This comes in handy if your renters need to move out and live elsewhere. This ensures your focus remains on repairing the property rather than worrying about the financial hardship.

Other Structures

Condo Insurance – Loss Assessment Coverage A common addition to the North Carolina DP3 policy is to cover other items on the rental property, like sheds, pool houses, or detached garages. This ensures that the landlord will not have to pay the full cost to rebuild these structures if damaged in a hail storm or destroyed by fire. Contact your agent before a natural disaster strikes to make sure you won’t be responsible for paying completely out of pocket should an additional structure need to be repaired or replaced.

Personal Liability and Medical Payments to Others

Condo Insurance – Personal Property and Valuables It is recommended that renters have their own insurance policy to cover accidents, but as a landlord you need to be properly covered as well. As the owner of the property, you may ultimately be responsible for your tenants and any accidents happening on the property. A DP3 insurance policy will assist with legal court costs and might even assist in paying for medical bills and damages.

Optional Coverages in North Carolina

Heritage Property and Casualty Insurance can also provide optional coverage on your rental property. Talk to your agent to see if you need any of the following:

North Carolina Ordinance or Law

Many communities have an ordinance that states if a structure such as a single family home or duplex is damaged beyond a certain threshold, often about 50%, it must be demolished and rebuilt in accordance with current building codes rather than simply repaired. If an older home is damaged, there may be significant costs to upgrade the electrical, ventilation, or plumbing, to bring it up to modern standards. As a landlord, you can obtain an optional Ordinance or Law endorsement that will cover the loss of the cost of demolishing and rebuilding, or the increased cost of rebuilding an older structure in accordance with current building codes.

North Carolina Theft Coverage

Any items stolen from the landlord’s personal property within the rental unit are not automatically covered under the dwelling fire (DP3) policy. However, additional theft coverage will ensure your refrigerator or other appliances and furnishings within the rental property will be replaced if they are stolen. Keep in mind that if your tenant is the thief, this additional coverage will not be able to be utilized.

Always Contact your Heritage Insurance Agent

Your Heritage insurance agent can help you define the amount of coverage and options appropriate for your individual situation. We are proud of our partnership with independent agents, who are highly trained professionals focused on customer satisfaction and attention to detail. Contact us right away to get the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we’ll be there for you 24 hours a day, 7 days a week to process your claim quickly and efficiently.

This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.