Townsend Agency (512) 931-2591 Georgetown
(806) 698-1611 Lubbock
(325) 573-4076 Snyder

Landlord Insurance

What About Landlord Insurance?

A good landlord insurance plan will comprehensively cover the owner’s rental property, excluding interior belongings of any tenants. Such a plan can include personal contents inside of a unit but, again, they would be items that belong to the landlord rather than the tenant. This coverage is terrific for people who own commercial property that is rented to other people on a frequent basis but also for those who own homes and choose to rent out a room and for anything in between.

How it Works

Landlord insurance will normally safeguard property owners by providing protection over such natural disasters as fires, floods, tornadoes, earthquakes and more. It often also covers incidents that are caused by people like theft and vandalism. An example of a theft that may be covered by landlord insurance is when one shatters a window in the act of breaking into the home. Another instance of a human action that the policy can cover is the blight of graffiti. The insurance would cover the necessary painting job to get the home, garage, wall, etc., back to its original condition. Even acts of terrorism are covered, like the burning of a cross in one’s yard that affects the property in some damaging way. Every insurance provider has a different set of coverage details and varying criteria for the policyholder.

How it Works

This insurance policy functions like many other plans do. There will be a monthly premium that the insured person must pay to ensure coverage. The insured decides upon the amount of the benefit and any deductibles when he or she first decides to rent out their property. It’s a good idea to obtain a policy that is equal to or very near to the price of the home that is covered. Good landlord insurance can cover one property or it can cover several properties that the person may rent out to people. The policy usually covers the building structure and common areas but not necessarily the items inside of the building. If it does cover any items, it is the landlord’s property, like outdoor furniture and common area appliances as an example. Tenants would have to buy a different type of coverage to ensure that their own items are protected.