The decision to purchase a second home in Arlington, Texas can be a smart investment choice, but it does not mean that you are not responsible for the property. Even though you are renting out the house, you are still the owner of the property and you must maintain some protection for the structure and the land.
A second home does not necessarily require the same level of insurance coverage as the house that you currently live in. Instead, a rental property will require a policy that will insure the house against basic concerns like fires, floods and damage to the structure.
You are not responsible for the personal belongings of your renters, so it is important that you compare your options and focus on the property as a rental rather than a personal home. Landlord coverage differs from a basic homeowners plan.
Getting the Right Policy
When you rent a second home to others, the appropriate policy to address your concerns may vary. Depending on the situation, you may need to compare a variety of options before you purchase a plan.
Working with an independent agent can help you narrow down the options that are best for your goals and concerns based on your individual situation and plans. The agent can answer your questions and help you find a plan that will protect the building and property without taking on more coverage than you need.
Renting out a property is not the same as living in the house, so the amount of coverage that you need may vary. For more information about your insurance options when you own a rental property, contact Strack Insurance Services to speak to an independent agent.