Rental Insurance Facts for Texas Landlords
As the owner of a rental property you have to remember that anything a tenant does could come back to you. Manage your tenants as well as your insurance to make sure you are not exposing yourself to lawsuits or uncovered losses.
Most dwelling policies for rental homes are named peril policies that start with only Fire & Lightening coverage. You add additional perils form there such as wind and hail etc. The more you add the more expensive a policy will be. Many Dwelling policies do not include liability coverage for you so make sure you know what your policy has.
Have signed leases spelling out what is required from your tenants. Many companies will not insure a home if the tenant has specific breeds of dogs such as a Rottweiler or Pit bull or an aggressive dogs of any breed. Many companies will not take properties with trampolines or skate board ramps. Do you have coverage and who will pay your deductible if your tenant accidently leaves the bath tub running and floods your home.
The Facts about Renting a Property in Texas
If you're renting a home or apartment, you don't have the same issues to deal with as a homeowner would, but you still have to cover your belongings and property inside. No matter what type of dwelling you're renting or where in Texas you live; purchasing rental insurance for your property is a smart choice. Here's what you need to know.
Rental Property Insurance · Texas
If you rent your home to someone else or if you are renting a home or apartment from someone else remember the traditional Texas Homeowners Policy does not apply to these situation. No matter which scenario applies to you it is important that you have the correct coverage for your specific circumstances. Whether you are worried about covering just the home or just the contents you own in it.
Why purchase rental insurance?
While your landlord is the one who must purchase insurance that covers the structure of the home and properties themselves, that insurance policy doesn't generally cover your belongings or any damages you incur because of vandalism or theft. By purchasing rental insurance, you guarantee that the contents of your home are protected up to the limits agreed upon in your policy.
Tips for purchasing rental insurance
Before you know exactly which policy to purchase, you'll need to take an inventory of your home's contents, especially valuable items such as jewelry and electronics. Some insurance policies only reimburse up to a certain minimum; they may even exclude jewelry that exceeds a certain monetary value. Before you talk to your insurance agent about specific policies and premiums, have an idea of the value of your belongings so you can make sure they're insured adequately.
Finding the best deal
As with most other insurance policies, landlords or renters can only find the best deals for insurance policies by doing their homework, researching the different types of policies available, and talking to a knowledgeable agent who can help them make a smart choice. Talk to an independent agent like an expert at Strack Insurance Services in the Arlington area to learn more about your options.