There are several great reasons to get Houston, TX condo landlord insurance. For instance, if your property is damaged or destroyed, landlord insurance will typically cover the cost of repairs to the unit, replacement of the property, and any lost rental income. Insurance is a valuable investment that can save you money if an unforeseen event threatens your finances.
It’s essential to choose an insurance plan that fits your needs to protect your property, so we recommend speaking to a qualified insurance expert before finalizing your plan. Talk to the experts at Texas Insurance Agency for advice on your situation. Our staff has years of experience providing clients with the coverage they need. We can help you pick the best plan, so let us give you a free quote today.
Types of Houston, TX Condo Landlord Insurance
Property damage insurance is the kind of coverage you’re looking for if you’re worried about damage from covered events, such as hurricanes or tornadoes. This can also cover damage done to your property by a renter if it’s accidental, such as a fire in the kitchen or a broken sink. However, intentional damage or theft by a tenant is typically not covered by this insurance.
Liability insurance is great if you’re concerned about tenants getting injured while on your property. It also covers some incidents of tenants causing property damage. This type of insurance can protect you from paying out of pocket for repair costs or medical bills. However, you may still be held responsible for damage caused by your tenant.
Loss of income insurance comes in handy if your condo becomes damaged and cannot be rented out to customers. It can also take care of instances where your tenant can’t pay their rent due to covered events. Finally, this kind of Houston, TX condo landlord insurance can cover legal fees, such as court costs, damages awarded to the tenant, and attorney’s fees.
Events That May Be Excluded from Coverage
Insurance may seem like a solution to many problems, but there are still plenty of situations that most likely don’t fall under your coverage plan. For example, a property insurance policy may not cover damage caused by a tenant’s pets, negligence, or pests such as insects and rodents.
Some natural disasters may not be covered by property insurance, either. While wind damage from tornados or hurricanes is usually taken care of, “earth” events such as sinkholes, earthquakes, or landslides are typically not covered. Many policies don’t cover flooding, either, so you may need to purchase an additional policy.
Remember that many policies have a deductible you must pay before your insurance company reimburses you for covered damages. Be sure to set aside some money for this purpose, and carefully examine your policy to figure out how much your deductible costs.
General Liability Insurance
As a landlord, you’re responsible for the events on your property. Commercial General Liability (CGL) isn’t required here in Texas, but we still recommend choosing it because of its versatility. Any small business owner can benefit from general liability insurance, including landlords.
If you are ever sued for any of the following reasons, CGL insurance can protect you and your business:
- Bodily injury
- Property damage
- Personal injury (libel, slander, etc.)
- Advertising injury
Lawsuits that fall under the general liability category are becoming increasingly common, which is why we highly recommend getting CGL insurance. Have peace of mind knowing that your finances won’t take a devastating blow if a renter sues you. To protect yourself from unexpected claims, choose an insurance plan that will cover your expenses.
Contact us for a free quote so we can help you pick a CGL that works for you. We can also discuss BOP (Business Owners Policy) plans if you’d like to bundle several types of coverage into one comprehensive policy. Don’t let your business be vulnerable to unexpected expenses – cover all your bases with the help of our insurance experts.
Choosing Your Plan
When choosing Houston, TX condo landlord insurance, there are many factors to consider, including your specific needs and risks. You should also take into account the value and location of your condo. For example, if you live in an area that frequently experiences events such as hurricanes or tornadoes, you’ll want to look for a policy covering these damages.
You may also consider looking into extra coverages that typical plans may not provide. You can find many plans that cover incidents such as vandalism, burglary, and even renovations. Personal property insurance can cover items used to service your rental property, such as lawnmowers, leafblowers, or other tools. However, personal property plans don’t cover most electronics like stereos, televisions, and similar items.
About Texas Insurance Agency
Texas Insurance Agency works out of several offices in the greater Houston area to provide quality insurance products for businesses and individuals. Because we’re an independent insurance agency, we’re focused on taking care of our clients and their businesses.
When you call us, one of our trained staff members will discuss policy options and tailor a comprehensive insurance program that covers everything you need. We’re also available to help you make policy changes, answer questions about billing, or help you report a claim.
We partner with several different companies to help bring you great coverage at the best, lowest rates. Some of these companies include:
- Texas Fair Plan Association
- Stillwater Insurance Group
- Safeco Insurance
- CNA Surety
- Gulfstream Property & Casualty Insurance
- Velocity Risk Underwriters
Trust Texas Insurance Agency for Your Coverage Needs
Texas Insurance Agency proudly offers all kinds of insurance, from motorcycle and auto insurance to home and commercial insurance. If you need coverage of any sort, reach out to us! Call us today or visit our North Houston office to learn more about our Houston, TX condo landlord insurance.
Fun Facts for Houston, TX:
- Several of Houston’s sports teams have won prestigious awards, such as the Houston Astros, who won the World Series in 2017.
- At least 145 different languages are spoken in Houston.
- Houston has thriving oil, medical, and aeronautics industries.