Landlord Insurance
Protect your Properties with a Landlord Property Home Insurance
// AUSTIN LANDLORDS
get peace of mind.
If you own a rental property, it’s essential to have the right insurance. It would be best if you had more protection than an average homeowners policy provides. Landlord insurance can help protect your investment from damages or injuries related to a rental property. Property owners should consider a landlord home insurance policy if they’re responsible for the entire building, including the exterior and roof. We can also help you find a landlord policy if you own a condo unit and rent it out. This policy would be different than a landlord policy for a building since you do not own the entire structure.
Protect your investment insurance landlord
As a landlord, you’re still responsible for your home’s structure and appliances. You might think that as long as your renters are paying their monthly fees, everything is fine when it comes to insuring your rental property, but this isn’t always true! Many things could happen on your property that may not be covered by the renter’s insurance, such as water damage due to faulty plumbing or electrical issues in an apartment complex.
These types of claims you will pay directly out of your pocket! You can also be held liable for any injuries your tenants sustain on your property if your negligence causes it. That’s why we recommend getting separate policies for both landlords and tenants, so both parties are protected financially and emotionally in case something happens at their place of residence.
We know that you have a lot on your plate, so let us take care of finding the right insurance for you. We have years of experience helping people just like you get the coverage they need at a price they can afford.
Landlord insurance helps you rent your property with confidence.
Owning a property can be a significant investment, but it’s essential to have the correct type of property protection in case something happens. That’s where we come in – we can help you find the perfect policy to protect your property.
Landlord Insurance Coverages
Landlord insurance provides coverage similar to a homeowners insurance policy, such as dwelling coverage to protect your dwelling and personal property in the event of a fire. However, landlord policies are written specifically to protect against risks landlords can face, such as injury liability or loss of rental income because of tenant damage to the property. Most policies include coverage for:
Structure Damage
Liability Situations
Additional Out of Pocket Expenses
Landlord Furnishings and Appliances
Landlord insurance protects a rental property from accidental and sudden losses.
We make sure you have the right policy for your rental property or properties. We consider what kind of rental experience you will have with your units. Three common situations are
Long-term rental (more than six months) Landlord insurance is similar to homeowners insurance. They protect against losses related to leasing out a property.
Airbnb short-term rental property insurance is usually considered business owners by their insurers. Their traditional homeowners’ insurance policy does not typically cover these property owners. Instead, they must purchase a commercial insurance policy for their coverage needs.
Their existing homeowner’s insurance policy may protect occasional short-term rental property insurance, and we always recommend you let us review it. Some insurance companies require an additional rider when the home is being rented.
It’s required that you have landlord insurance or short-term when renting out your property; it’s important to note these two are not interchangeable. It’s essential always to be as accurate as possible about how you are using your property so that you don’t run into issues when filing a claim. To get the coverage, you need and avoid any hiccups down the road, talk with us about the option that’s right for you.
What does landlord insurance cover?
Home insurance policies from Risk Coverage Insurance Agency generally come with certain standard features. These include
Property Investment
Whether you rent out a single-family home, condo, or townhouse, landlord insurance cover:
- Dwelling protection covers the structure if a tree falls over your home or a fire caused by your tenant.
- Other Structures protect such as fences, patios, or Detached Garages.
- Onsite personal property coverage for Maintaining the property. Like lawn equipment and appliances.
Personal Liability Coverage
While most liability issues will fall under the tenant’s insurance policy responsibility, In the event you’re sued after an accident, damage, or loss related to your property., landlord insurance will protect you legally and financially:
- Liability coverages
- Fair lost rental income coverages.
Additional coverage
Depending on your situation, you may want to consider additional coverage for things like:
- Guarantee Rebuilding Coverage. Suppose the cost exceeds your dwelling amount due to higher building costs. This add-on will help cover costs.
- Building Code covers the additional cost of making your building meet the current building codes—for example, stronger structure beam or higher electrical capacitors.
- Loss of Rental Income: If your property is damaged in a covered event and you cannot rent out the home, your landlord insurance policy may cover your loss of rental income.
- Property Damage or Vandalism Damage helps pay for repairs should your tenant or a guest vandalize your property.
What is not covered by landlord insurance?
Getting the right coverage can make or break your ability to be a successful and long-term landlord; no matter how you plan to rent out your property, we can help protect your property. You can purchase additional coverage; we carry flood insurance, earthquake insurance, and personal umbrella.
Breakdowns in the Rental Property
Your landlord insurance may not cover basic maintenance repairs for your heater, washer machines onsite, or A/C, but you should be aware that it could help pay for the damage to the flooded floors in case of a water leak.
Tenant's Personal Possessions
The items your tenants own, such as their clothing and electronics, aren’t covered under most landlord insurance policies. You may want to recommend that they get Renters Insurance to protect these goods in case something happens! and keep the financial ramifications from bouncing back to you.
Floods, Earthquakes, and Water Backup
Typically, most landlord insurance will exclude floods, earthquakes, and water (sewer) backup claims. The state or Government Dep can provide coverages in case of big catastrophes.
COVER YOUR BASES WITH ADDITIONAL POLICIES.
Landlord insurance can help protect you in many situations; however, you might want to consider a few events not typically covered in landlord policies. These additional policies can help safeguard against flood damage and expensive lawsuits. Learn more about:
Flood Insurance
Evaluate your property’s flood risk to determine whether you need flood insurance. Though the National Flood Insurance Program (NFIP) regulates flood insurance costs for the entire country, it can only be purchased separately through an independent broker insurance company like us.
Personal Umbrella Insurance
All insurance policies have a dollar limit you set at the beginning of the policy. For example, if old wiring causes a fire and your entire building is burned down to the floor, the related costs could exceed your landlord policy’s liability coverage. In this situation, a personal umbrella policy that can be purchased in increments of $1 million would provide coverage beyond your landlord insurance policy’s limits.
You should think particularly hard about purchasing an umbrella policy if you own multiple rental properties since you are at higher risk of being sued and have more assets to protect.
At risk, we only work with the best casualty insurance company in the market.
// faq
As a landlord, get the answers you are looking for
Here's an overview of what landlord insurance covers?
As a landlord, you are now confronted with unique risks, and you may need more protection than an average homeowners policy provides. Landlord insurance cover:
- Dwelling Protection
- Deductibles
- Other ways you’re protected
- What may not be covered
- Optional protection you can buy
What does Dwelling Protection for a landlord mean:
Dwelling protection covers your rental structure as a whole and anything else that might be attached to it, for example, the garage or a patio with a beautiful BBQ area. Other structures would be like a shed or a garage separated from the house.
What does Fair rental income coverage for a landlord mean:
We can help pay the rent with fair rental income coverage while your property is repaired or rebuilt. You’ll get up to 12 months of continued revenue without having any interruption in payment sources!
What does Premises medical protection for a landlord mean:
If you are a landlord, this is the type of insurance to buy. It will help pay for reasonable and necessary medical expenses if someone gets injured on your rental property! We always advise you to have your renters reach out to us to set them up with renters insurance and give you more protection if you are held responsible.
What does Rental property under construction protection for a landlord mean:
This is excellent news for anyone renovating or building a rental property! You can get coverage that will help cover the dwelling before it becomes occupied—with renewal construction, building code endorsement help with the increased cost of enforcing any building codes, ordinances, or laws regulating the construction.
What Should I Require of Tenants?
Landlords and tenants should know that a renter’s insurance is required to rent a property. It’s suggested to require all renters, including those living in your back home, to have at least $200K worth of liability coverage on their policy. This will protect both sides from financial losses due to accidents occurring while they’re under lease agreement terms.
As landlords cannot typically insure people who live inside housing units themselves, every tenant must carry personal protection against lawsuits filed by third parties over claims concerning bodily harm/injuries sustained during house warmings or even a rainy day.
Do I need flood insurance too?
Floods aren’t just a coastal problem. They can happen anywhere, especially in High-Risk Flood Zones, and many homeowners don’t realize their policy doesn’t cover flood damage either!
If you live near the coast, near a River, or Lake, it may be worth looking into purchasing coverage for your home. Even though these types of storms rarely make headlines, they still cause tons of dollars worth of losses every year.
Allow us to be in your corner when making decisions regarding insurance policies that will keep covered, whether it’s windstorms, fires, hail, or rain.