According to The National Multi Housing Council (NMHC), 38 percent of housing in the Texas capitol is provided by rental apartments. This rate is higher than the state average, but it may be skewed because of the tens of thousands of University of Texas students. If you have a property rental businesses, it is important to have the right Austin, TX landlord insurance.
An independent agent in the Trusted Choice® network can help you find the coverage that meets your needs and budget. These local agents can help you by providing free Austin landlord insurance quotes from a variety of highly rated insurers. Contact a local member agent today to get your insurance questions answered and find the coverage you need.
Why does it cost more to insure a rental property than an owner-occupied home? This might seem counter-intuitive because Austin landlord insurance does not have to cover the renter’s personal property.
Landlords often take on additional risks when they agree to open their properties to tenants and their guests. Insurers need to take into consideration the possibility that renters will not care for a property as well as a resident homeowner.
Rental units may also be left vacant between rentals, and this is usually viewed as riskier than covering occupied buildings.
Many landlords are also resident homeowners, so they are already familiar with the basics of home insurance. But it is important to understand how Austin landlord insurance policies differ from typical home policies.
While landlord insurance does not need to cover personal property that belongs to the renter, some landlords ask their renters to purchase renters insurance as part of the lease. This insurance can protect both parties and help keep a good relationship between the owner and the renter.
A typical landlord insurance policy may or may not be adequate for your needs. The specific policies and coverage you need will depend on whether you are renting out a home, townhouse, in-law unit or apartment building, and the specific weather or crime risks in your area.
These are some other options to consider:
A local agent can help you understand the costs and benefits of a variety of different types of coverage.
The right policy can help protect your property and your income when the unexpected happens. A local independent Trusted Choice member agent will be available to help you understand your coverage choices and compare competitive rate quotes from multiple companies.
Remember, your rental business is like no other, which means the coverage you buy needs to be unique to you as well. Contact a local member agent today to learn more about Austin landlord insurance plans and rates.