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What is rental property insurance?
Texas landlords invest a great deal of money and time into their residential investment properties. Rental property insurance can help landlords safeguard those investments.
Rental property insurance is tailored for protecting residential investment properties. Although there are similarities with homeowners insurance policies, there are also differences.
What Texas real estate investors need investment property insurance?
Most Texas landlords who own rental properties should have this type of investment property insurance. Properties generally should be insured regardless of how many units they have. Investors generally need insurance regardless of what their business structure is.
In many cases, investors who have financed their properties are required to carry investment property insurance. Most lenders include such a stipulation in their loan terms, and may acquire force-placed coverage if the stipulation isn’t heeded.
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Typical Claims Covered
What protections can landlords get through rental property policies?
Rental property policies offer a range of coverages that landlords may need. These include coverages that are similar to certain homeowners insurance protections, and also ones that are usually only needed for investment properties. Coverages to consider are:
- Dwelling Coverage: Might give protection for investor-owned buildings and outlying structures on a property
- Landlord Contents Coverage: Might give protection for appliances, landscaping equipment, and other items kept at a property
- Loss of Income Coverage: Might protect against income losses that follow disasters which render a property uninhabitable
- Rent Guarantee Coverage: Might protect against income losses that stem from tenants not paying their due rents
- General Liability Coverage: Might protect against lawsuits that claim the landlord is responsible for injury or property damage
- Legal Assistance Coverage: might protect against legal fees that don’t arise from lawsuits (e.g. attorney fees for seeking a judgement)
Do rental property policies cover mixed-use properties?
Rental property policies are primarily intended to insure residential properties, and not necessarily suited for commercial properties. Investors who have mixed-use properties often need a slightly different investment property insurance policy, which provides coverage for both types of properties.
Investors who are unsure whether their property needs a rental property policy or other policy should speak with a knowledgeable insurance agent. An agent who’s familiar with the nuances of investment property insurance policies will be able to help investors find the right type of policy for their properties.
Should landlords carry rent guarantee coverage?
Rent guarantee coverage can provide important supplemental income if tenants suddenly stop paying their rents en masse. Whether individual landlords should carry this coverage depends on a couple of different factors.
First, landlords should check whether they’re required by the stipulations of a loan to carry rent guarantee coverage. This is a frequently required coverage, as lenders want to be sure the loan payment can be made even if rent payments aren’t.
Second, landlords should consider their financial resources in light of potential uncollected rent. Landlords who invest in properties on the side might not need rent guarantee coverage, so long as they can afford personal living expenses and the property’s costs out of pocket. Landlords who are dependent upon monthly rent to cover personal or investment-related costs, should probably get rent guarantee coverage.
How can landlords in Texas get rental property insurance?
If you need help insuring residential investment properties in Texas, contact the independent insurance agents at Ramey King Insurance. Our agents can help you find rental property insurance for single-family homes, multi-unit buildings, apartment complexes, mobile homes, vacation properties, and almost any other type of residential investment property. We’ll work closely with you to make sure your particular property is well protected.
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