When it comes to landlord insurance Katy, TX, there is no one-size-fits-all solution. After all, you might own property in an area that typically experiences extreme weather events. You might need to invest in a policy covering flood damage to protect your buildings and your tenants’ property. However, your friend who owns a building in California might pass up on flood insurance to invest in a policy that covers earthquake damage instead.
Generally speaking, landlord insurance provides financial protection if your rental property gets damaged, becomes unlivable after catastrophic events such as fires or storms, or if anyone gets hurt while on the property. These are separate from standard homeowners insurance policies and must be purchased separately.
Texas Insurance Agency can help you find the right landlord insurance Katy, TX for you. Our expert team of insurance agents has plenty of experience finding the best commercial policies for our clients. No matter what kind of coverage you’re looking for, our talented staff can locate an affordable policy that suits your business needs.
Different Types of Landlord Insurance Katy, TX
There are several different types of landlord insurance Katy, TX available, so be sure to speak to one of our friendly team members to discuss which kind of plan is right for you. Landlord insurance is meant to protect both the property owner and the tenant from financial losses, so it’s crucial to pick a policy that covers all parties.
The most common type of landlord insurance is property insurance, which covers the structure of your rental property and any attached structures, like fences and detached garages. It protects you, the property owner, from financial losses if your property is damaged or destroyed. This type of insurance typically doesn’t cover the contents of your rental property, like your tenants’ furniture or belongings. However, it can cover any equipment kept on the property to maintain it, such as lawnmowers or snow blowers.
This policy may also cover a loss of income if you cannot rent out your property due to damage. It can also cover physical damage caused by fires, bad weather, or criminal activity, such as break-ins. If your policy doesn’t cover occasions where you can’t rent out the property, you can purchase a specific plan for loss of income insurance.
Another type of landlord insurance is liability insurance, also known as premises liability insurance. It protects you from being sued if a tenant is injured on your property or if their property is damaged because of your negligence. This insurance can also cover you if a tenant sues you for wrongful eviction or discrimination. Liability insurance can help pay for a person’s medical costs, legal fees, and any settlements that arise from their injury.
Unfortunately, basic landlord insurance tends to vary on the amounts of coverage you receive regarding specific hazards, such as natural disasters. You can purchase specialized insurance policies for things like flood or earthquake damage or for loss of rent if your tenant has to move out because of a covered disaster. Be sure to speak to a qualified insurance agent to discuss whether you have a policy covering these damages.
Commercial Umbrella Insurance
This type of policy is sometimes called umbrella liability insurance, which provides extra coverage on top of existing policies. It can help pay for costs that exceed the liability limit on other policies. Umbrella coverage can be applied to many primary insurance plans, such as auto and general liability.
This policy is typically used as additional coverage on top of an existing policy. It cannot provide a replacement for overall business insurance coverage. It is also not required by law, though it remains a popular additional option. They provide an extra layer of protection, making them beneficial for business owners, including landlords.
Commercial umbrella insurance is vastly different from personal umbrella insurance. A personal policy will provide additional home and auto insurance coverage, but commercial policies are designed explicitly for business-related purposes. If you want to cover all your bases, investing in commercial umbrella insurance doesn’t hurt.
Request a quote for an umbrella policy today. We’d love to discuss covering gaps in your existing policies.
Having tenants invest in renters’ insurance can prevent problems later down the line should anything happen to their possessions. It’s important to remind your tenants that your landlord insurance doesn’t cover their personal belongings because, unfortunately, many renters will assume that it does.
You can require that every renter maintains their own insurance as part of their lease. This can help cover lost or damaged property and any extra rental costs should a tenant be displaced from your property for any amount of time.
Renters’ insurance policies usually include three different types of coverage: liability, personal property, and additional living expenses. These policies will protect them against theft or unexpected property damage. The liability coverage they receive will protect them if they’re found responsible for another person becoming injured on their rental property.
Your tenants should remember that there are a few common risks that renters’ insurance won’t cover, including floods, earthquakes, roommates’ property, car damage, or pests.
Call Us Today for the Best Landlord Insurance
Texas Insurance Agency wants to help protect you and your business. Don’t hesitate to contact us about our various insurance policies so we can find the coverage that best suits your needs. Our website is available 24/7 to provide helpful information whenever you need it, regardless of your schedule.
We happily prioritize customer service above all else at Texas Insurance Agency. We believe this makes our independent insurance agency stands above competitors when it comes to our ideals and appreciation for our clients. You won’t find better service when you need a new policy or coverage.
Call today and ask about our options for landlord insurance Katy, TX.
Fun Facts for Katy, TX:
- Katy’s land originally existed as the hunting grounds for the Karankawa tribe.
- The earliest settlement in the area was known as Cane Island.
- Katy once claimed the moniker “Rice and Gas Capitol of the World.”