Rental property insurance is a specialty home insurance policy for the property owner rather than the tenant. It’s similar to a home insurance policy but is designed to account for the differing risks that you face when you rent out a property rather than living in it yourself.
In addition to the damage to the building itself and your personal property (such as included furniture), a rental property policy may cover lost income if damages to the property prevent you from renting it out for a period of time. The policy may also often include coverage for liability issues you might face if a tenant sues over injuries suffered while on the property.
One point to watch is the fact that policies usually don’t cover loss of income if a tenant fails to make rent payments or the costs of evicting a tenant if necessary.
Whether you are renting out your home for a short period of time or for months or more at a time, you’ll need to have different coverage for your property.
When you rent out your property, there are always going to be risks that are unexpected. That’s why rental property insurance is key. Other covered risks may include any costs you have to pay to move a tenant in or out of the property during repairs and any compensation you have to pay to a tenant if damage puts heating or air conditioning out of action.
If you have any questions about rental property insurance, contact us to learn more.
6851 NE Loop 820, Suite 220
North Richland Hills, TX 76180
6851 NE Loop 820, Suite 220
North Richland Hills, TX 76180
At Lone Star BEST Insurance, we know that choosing an insurance plan can feel overwhelming. Our mission is to help you feel comfortable and knowledgeable and to help you find plans that meet your needs!
We are licensed in Texas, Arizona and New Mexico.
