LANDLORD INSURANCE IN FORT WORTH, HALTOM CITY AND SAGINAW, TX
Serving Fort Worth and North Texas Since 2002
All homeowners need insurance on their properties, regardless of whether they live there or use it as a rental home. However, a home you lease to others has a unique set of liabilities that standard home insurance will not adequately address. That’s why landlords must obtain specific landlord insurance.
The good thing about a landlord policy is that you can customize it to fit your property exactly. Northside Insurance Agency is the neighborhood agency that you can rely on to help you reach this goal.
As an independent agency, we are committed to helping our neighbors find the landlord insurance benefits that are optimized for them. You can trust us to keep your budget and coverage needs in mind when helping you choose a policy that provides you with top-notch protection.
Why is landlord insurance important?
If you rent dwellings or commercial spaces to others, then these properties are a business to you. You have invested money in them and expect them to provide returns. So, if anything goes wrong on the property, you could face a financial challenge. Just like any homeowner or business owner, you will need to protect yourself with the appropriate property and liability insurance that can cover such losses.
What does landlord insurance cover?
Landlord insurance is designed to protect rental homes that you own but do not live in. They are sometimes called non-owner-occupied homeowners policies. They will help you cover the property that belongs to you without making you take responsibility for the renter’s own liabilities.
Generally, landlords need four types of coverage:
- Dwelling insurance will cover the structure of the house itself if it sustains damage from fires, vandalism, severe weather, theft or other unavoidable, unpreventable hazards.
- Other structures coverage insures detached construction on the property, such as carports, gazebos, storage sheds or fences.
- Service equipment coverage applies to equipment and machines that you leave at the home to service the rental. It will not likely cover other personal possessions or furnishings in the home.
- Landlord liability insurance pays when you are responsible for injuries or property damage that occur to other people. For example, if a tenant sues you because the stair bannister broke and they fell, then this coverage can help you compensate that person.
There are still other endorsements that you might be able to add to your plan to increase your available coverage. Plus, you might also need additional coverage like flood insurance to round out your policy. Ask your agent about the best ways to appropriately structure your plan.
How much landlord insurance do I need?
Even though your rental property is not your primary residence, you still need to adequately insure it. This will mean making sure that you have adequate coverage to fully repair the home following a total loss scenario. Because every property owner differs in the coverage they need, our agents will work with you to determine how best to tailor your policy limits to your advantage.
Don’t forget, your landlord policy won’t cover a renter, their possessions or liabilities in the home. That’s why you should require your tenant to buy renters insurance (with at least liability coverage) before you will allow them to move into a home.
When should I get landlord insurance?
All homes, rental or personal, need insurance from the moment you buy them. Most financial lenders even require buyers to insure their properties in order to qualify for a mortgage in the first place.
Keep in mind, if you plan to move to another home and use your current home as a rental property, you will have to convert your former home’s standard home insurance into a landlord policy. The time to do this is as soon as you move into your new home and start preparing the other home for occupancy.
How much does landlord insurance cost?
The costs of all landlord policies will vary. However, you should not have to pay too much just to get essential protection. We can help you qualify for policy discounts and other savings incentives to make sure your chosen benefits always fit within your budget.