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Your new condo, duplex or home purchase may be the largest investment you make this year! It is important to protect your investment with a Texas home, landlord or dwelling fire insurance policy whether it is owner or tenant occupied.
Landlord and dwelling fire insurance can help provide financial protection if your rental property is damaged, becomes unlivable after a catastrophic event such as a hurricane, fire, or if someone is hurt on the property due to a covered claim. The policy can also help to cover the costs of property damage caused by either a tenant or a covered peril.
Should I Get Landlord Insurance For My Home?
A standard homeowners insurance policy provides limited or NO coverage for rental properties, short-term rentals (STR) or home sharing. This applies to everything from running a home-based business to renting out a bedroom or the home in its entirety. Renting your home is considered a commercial or business activity and is almost always excluded on a standard home policy. In response to the thriving home stay market, many insurance companies now offer a policy add on endorsement for hosts who need more than standard homeowners insurance protection or a specific insurance policies designed to with this activity in mind.
The right policy can cover property owners renting out their homes, condos, duplex, fourplex or other multifamily properties. The policy can protect the home or structure you rent while providing liability coverage, personal injury or loss of rental income.
Personal Injury coverage helps protect you from premise liability should covered bodily injury or property damage occur because of your owned property. Personal Injury can help protect you if there is injury from a broken step, if a stairway railing snaps, or a slick surface caused someone to trip and fall with injury.
Insurance policies are customizable and not all policies offer the same coverage. It is important to speak with your independent insurance agent about the coverages that are most important to you. For example some insurance companies expand personal liability to include Wrongful Eviction and Privacy Invasion. Other coverages options could include for Loss of Rent, Rental Value, Additional Living Expense, Water Backup, Extended Dwelling coverage or Replacement Cost instead of a depreciated actual cash value on a basic dwelling form
It is important to point out the protection offered through Airbnb, VRBO, HomeAway, and the alike often offer some type of “Host Guarantee.” This agreement has several gaps that could leave you and your bank account unhappy. Hosts who rely on a third-party protection to cover their belongings are subject to their exclusions such as but not limited to: Lost or stolen money, securities, bank notes, accounts and deeds. Luxury items like jewelry watches, furs, firearms, art, antiques, silverware are typically not covered. Package shipments, mail Identity theft or fraud are also often excluded. Moreover ordinary wear and tear of the flooring or furniture and common areas of a property outside of the listing itself, such as a building lobby, pool, fitness facility are not covered
Landlord insurance does not cover your tenant’s personal property (furniture, electronics, clothes, artwork etc.). For that protection, your tenants will need to purchase their own renter’s insurance policy.
A policy for someone who rents out a home they own on a long-term basis or as a short-term rental (STR) is called landlord insurance. Ask your Britton and Britton insurance agent about landlord insurance or special endorsements to add to your existing home policy for home sharing.
Contact us to start your home quote now. Complete the “home insurance” form and in the remarks section and simply indicate how many days per year you rent your home on average.
Your condo and homeowners insurance company is designed to help protect you in the event of a natural weather disaster such as a hurricane, tropical system, tornado, hail storm, lightning, wildfire, and other covered perils. However it is important to read any policy exclusions and limitations for some of the items mentioned above and others that vary by insurance company.
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