Having Houston, TX landlord insurance is essential if you plan on renting out your personal property. Texas Insurance Agency wants to help you insure your rental property so you don’t end up losing everything you have to disasters or liabilities.
As a property owner, it’s important to have landlord insurance to protect against damages to your property and loss of rental income. Your insurance agent with Texas Insurance Agency can help you get a landlord insurance quote and determine what insurance covers and doesn’t cover. Depending on the policy you purchase, you may need additional coverage for your rental property, such as for vandalism, burglary, property under construction, and building codes.
To find the right policy give us a call today.
What Does Houston, TX Landlord Insurance Cover
There are a few different types of Houston, TX landlord insurance plans. To name a few, there is the landlord property protection, landlord liability protection, as well as extra coverages such as vandalism, burglary, and renovations.
Landlord property protection is usually for covering the physical property that you are renting out. This can include the physical building itself, any equipment used to maintain the property, and any structures on the property.
The structures, or dwelling, can be a condo, a house, or an apartment building. The main structure is usually covered if a disaster occurs, such as a storm, fire, wind, hail, flooding, etc. However, be sure to go over the details carefully with your agent, as some policies do not cover all types of storms and damages.
Other structures can include a detached garage or a fence. If these get damaged, this type of insurance will be covered.
Personal property that is used to service the rental property can include items such as a lawnmower, leafblower, etc. Personal property such as electronics, including televisions, stereos, and similar items, typically are not covered under this type of coverage.
Landlord liability coverage
As a landlord, you are responsible for maintaining your rental property and ensuring that it is safe for your tenants. If someone is injured on your property, you could be held liable. That’s why it’s important to have landlord liability insurance. This type of coverage can help protect you financially if you are sued for damages.
Landlord liability insurance can provide coverage for many types of accidents, such as slips and falls. Tenants could sue landlords who do not maintain the property. Therefore, if your tenant or their guest is injured due to faulty or lack of repairs, you could end up paying for their medical bills and possibly their legal fees. With liability coverage, these costs can be covered, and you won’t lose your property.
When you are renting out a property, you are responsible for the safety of your tenants. Your landlord liability insurance can help to protect you if one of your tenants is injured while on your property. This type of insurance can also help to cover the cost of repairs if your property is damaged by one of your tenants.
Other Coverage Options You Should Look Into
Personal injury and property damage due to storms are not the only things landlords need to be covered. Sometimes landlords can have a problem with vandalism, burglary, construction, and building codes will need to be covered under the proper policy.
Vandalism is if someone damages your property, and unfortunately, this is not covered under typical property insurance. If something is damaged due to a break-in, you will want coverage that specifically covers burglary. However, this only covers damages due to burglary and does not necessarily cover the stolen items.
If you are renovating your property, you may want to consider purchasing a policy to cover potential damages until it is ready for your tenants to move into. You might even be able to get reimbursement for additional costs due to upgrading your property to meet current building codes.
What Landlord Insurance Does Not Cover
No matter what type of insurance you are getting, you need to be aware of what is not covered. Insurance does not cover everything, and it is not meant to. Insurance is mainly meant to cover extreme situations that are difficult for most people to pay for on their own.
For instance, appliances in the home are typically not covered, such as a dishwasher or washing machine. Those typically need to be covered by the owner. Another aspect landlord insurance will not cover is if the owner is living in the home that is being rented out.
For instance, if you, the landlord, are living on the first floor, and the tenant is living on the second, landlord insurance will not cover your property. Most policies are specifically for “non-owner-occupied” properties.
Lastly, landlord insurance will not cover the tenant’s belongings. Typically landlords need to require their tenants to purchase their own renter’s insurance. Many landlords will often have an insurance company that they recommend their tenants use, however, it is not mandatory that the tenants use what the landlord recommends. They are more than welcome to use their own company. This renters insurance is what will cover the tenant’s property, such as electronics, clothing, furniture, etc.
Choose Texas Insurance Agency
Choosing Texas Insurance Agency means you are choosing the best insurance broker in the Houston area. We work hard to make sure you are fully covered. Many people do not understand insurance. The language can be confusing, and it does not always come across as clear on what is covered and what is not. It is important to find an agent that is honest about what policies will work for you and what will not. That is what you will get with Texas Insurance Agency.
We have the best agents that have a full and in-depth understanding of how insurance works. Our agents do not simply stop at one policy. We continue finding policies that will work for you as well as other policies that will cover everything you may not realize you need.
You can be sure that our agency is an honest one and therefore, you do not have to worry about being sold something you do not need.
Contact us today for your free quote on Houston, TX landlord insurance.
Fun Facts for Houston, TX
- You can see gigantic head sculptures of famous people at the David Adickes Sculptrworx Studio, including George W. Bush and The Beatles.
- A cistern built in 1927 was discovered several years ago under the Sky Lawn at the Water Works.
- Houston’s Museum of Fine Arts houses more the 63,000 works of art.