A standard property insurance policy may not cover damages or liability if you rent a home. We offer landlord insurance at Kimble Brown Insurance Agency in Southlake, TX.
What is Landlord Insurance?
Landlord insurance protects you and your property when you rent a home. Landlord coverage typically consists of liability protection and property coverage.
Liability protection will cover you if someone is injured on your rental property. In some cases, the renter may be responsible for any liability. However, if it’s determined that you are responsible for the accident, you are liable for any damages. Liability protection will prevent you from paying these expenses out of pocket up to the coverage limit.
Property protection covers the property you are renting. Dwelling coverage covers the home itself. If a covered event damages the house, including fire, wind, or hail, the damages will be covered under the policy.
Other structure coverage includes any other buildings or structures on the property. This includes sheds and garages.
Additionally, property protection coverage protects any property you use to service the rental. This includes lawn mowers, leaf blowers, and any other equipment you use for maintenance.
Some landlord policies include extra coverage. Vandalism coverage will cover any intentional damage to your property. This isn’t typically covered under a standard policy.
If you are currently renovating the property or building a new home, you may consider rental property under construction coverage. It will provide extra coverage for damages that occur during construction.
Lastly, you should consider building code coverage, particularly for older homes. If the building codes have changed since it was constructed, you are liable for bringing the building up to code. Building code coverage can cover these expenses.
Landlord Insurance at Kimble Brown Insurance Agency
If you need landlord insurance in Southlake, TX, contact us at Kimble Brown Insurance Agency. We’ll help you find the right policy to protect your investment.