Landlord Protection Insurance

Landlord Protection Insurance Austin, TX

Insurance policies specifically for landlords and rental property owners

If you own a rental property, homeowner’s insurance alone may not protect you from the unique situations that landlords face. Whether you have multiple properties or you are renting out your home or condo for vacation purposes, a Landlord Protection insurance policy may help protect you in a number of events.

What does Landlord Protection insurance include?

Landlords just do not own the home or condo being rented, they may own additional items or tools that tenants have access to, and some of these items may be covered by a Landlord Protection insurance policy:

  • Dwelling/rental property
  • Additional buildings on premises such as sheds or garages
  • Equipment like tools, washing machines, or other appliances used by tenants

Additional Coverage Options

There are additional coverage options that may be added to a Landlord Protection insurance policy.

Legal Defense:

Landlords or rental property owners may also face legal ramifications for events that take place on the property they own. Having additional coverage for Legal Defense may help pay for legal fees from lawsuits like:

  • Libel or slander
  • Accidental Damage
  • Wrongful eviction

Fair Rental Value:

If your dwelling is deemed uninhabitable or a total loss, you may not only need to repair or rebuild your property, you may lose rental income. Having Fair Rental Value coverage means that you may get reimbursed for your lost income during a covered event.

Extended Dwelling Coverage:

If your rental property or condo is a complete loss, a standard Landlord Protection insurance policy may not cover the entire cost to rebuild or repair the property. Extended Dwelling coverage may pay out an additional 25 to 50 percent of the standard coverage amount, depending on the policy.

Frequently Asked Questions

Is landlord insurance different from standard homeowners insurance?

Yes. A homeowners policy is generally intended for an owner-occupied residence and may not be appropriate for a rental property. Landlord insurance is structured around risks associated with owning and renting residential property.

Can landlord insurance cover lost rental income?

Loss-of-rents coverage may be available when a qualifying covered loss makes the property uninhabitable. Waiting periods, limits, covered causes, and calculation methods vary by policy.

Does landlord insurance cover a tenant’s belongings?

A landlord policy generally is not intended to insure a tenant’s personal belongings. Tenants may need their own renters insurance for personal property and liability protection.

Are tenant-caused damages covered?

Coverage depends on whether the damage was accidental, intentional, gradual, or related to normal wear and tear. Texas landlords should review applicable exclusions and tenant-related coverage options with their agent.

Do I need to update my policy if the rental property becomes vacant?

Yes. Vacancy can affect coverage, eligibility, and policy requirements. Landlords should notify their agent if a property will be unoccupied for an extended period or undergo renovation.