Landlord Protection Insurance in Dallas, TX
Landlord insurance is for someone who rents out a home that they own. In other words, it is for rental properties where the owners do not occupy their home. This policy includes two different types of coverage. One is property and the other liability protection.
When starting to rent out a home, some may think that their existing home insurance will still cover their property. However, with changes in risk, a different type of insurance coverage is needed. For a home fully occupied by a tenant, it is important to obtain a landlord insurance. Having the correct policy will ensure that your property is properly protected.
Landlord Insurance mainly consists of the following coverage.
Dwelling: Protects the structure of your house such as the wall and roof. The coverage limit should equal the rebuild cost of your home.
Other Structures: Coverage for structures that are on your property but not attached to your house. (e.g., detached garage, fence and shed)
Liability: Protects you if you’re found to be liable for someone’s injuries on your property. This coverage will help cover legal expenses and medical costs.
Loss of Rent: Assists in loss of rent if your property is uninhabitable due to a covered loss. (e.g. Due to a fire, your tenant has to temporarily move out during repair and your rental income is affected)
Landlord insurance normally do not cover perils like flood and requires a separate flood policy.
We understand that each property is unique and have specific needs. Please contact Kevin Lee Company for additional questions or to get a quote.