What is landlord insurance? 

Investing in rental properties can yield significant long-term gains, but it’s not without risk. Landlord insurance may help Texas landlords safeguard against risks such as vandalism, natural disasters and injury lawsuits, which could otherwise greatly reduce returns.

Landlord insurance provides tailored coverage for residential investment properties. Most policies can protect buildings, equipment, and the landlord themself.

Who in Texas needs landlord liability insurance? 

Virtually any landlord could face a major, expensive liability lawsuit. It’s recommended that most landlords in Texas have landlord liability insurance to protect against covered lawsuits.

Landlord policies also can provide important protections for the properties that a landlord owns. Coverage for buildings is strongly recommended, and frequently required when buildings are financed (as many are).

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What insurance coverages should landlords look for?

Landlord policies typically offer a variety of coverages, which can be customized for landlords’ specific needs. Some coverages to talk with a knowledgeable insurance agent about are:

  • Property Damage Insurance: This might protect buildings and other structures on the insured property. It may also cover equipment a landlord keeps at the property, such as lawn care equipment, in-unit appliances and coin-op laundry.
  • Landlord Liability Insurance: This might protect landlords from legal costs and settlements in cases where someone gets injured on the property and decides to take legal action.
  • Legal Assistance Insurance: This might protect landlords from legal fees not connected to liability suits. It may help pay fees when pursuing evictions, judgments or similar legal rulings.
  • Loss of Rental Income Insurance: This might protect against lost revenues if the rental property needs repairs or reconstruction due to a covered event, such as a fire or major storm.
  • Rent Guarantee Insurance: This might protect landlords from lost income if tenants consistently fail to pay their rent for several months.
  • Commercial Umbrella Insurance: This might give additional protection beyond what general liability or other landlord liability coverages afford.

An insurance who specializes in landlord liability insurance and other landlord coverages can help landlords review each of these options, to determine which ones they should include in their policy.

What types of residential income properties can be insured with a landlord policy?

Landlord policies are available for most types of rental properties. Landlords shouldn’t have any issue insuring single-family houses, townhomes, duplexes, multi-unit buildings and apartment complexes.

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Can commercial or mixed-use properties be insured with landlord policies?

Landlord policies are designed to insure residential income properties. They generally aren’t well-suited for commercial buildings, such as office spaces, storefronts or similar properties.

For this reason, a landlord policy generally isn’t the right choice when insuring commercial buildings. A commercial property insurance policy likely should be used.

A landlord policy often also won’t provide all of the coverages that a mixed-use property ought to be insured with. For these properties, landlord coverages may be combined with other coverages to get the varied protections that are needed.

When insuring a mixed-use property, landlords should work closely with a knowledgeable insurance agent. An agent who knows landlord liability insurance policies and other commercial property policies will be able to make sure a policy provides the various coverages that a mixed-use property should be protected with.

Where can Texas landlords find landlord insurance?

If you are a landlord in Texas and need landlord insurance, reach out to the independent agents at Wise Insurance Group. Our agents can show you policy options from several insurance companies since we’re an independent agency. We’ll work closely with you to ensure you get the best policy for your building, regardless of what company is underwriting it.

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