Dallas Landlord Insurance

What You Should Know About Dallas Landlord Insurance

Rental properties are responsible for almost forty percent of local housing in Dallas, the largest city in northern TX. In fact, according to the latest U.S. census data, the percentage of all homes that were not occupied by owners was over sixty percent. Besides apartments, landlords rent townhouses, duplexes, and single-family homes. They may only have one unit for rent, or hundreds. If you own rental properties in this area, be sure you find the right Dallas, Texas landlord insurance to protect your business.

A local member agent in the Trusted Choice® network can assist you when you need to secure your income and properties. These agents can help you assess your coverage requirements and provide you with a number of Dallas landlord insurance quotes. Unlike captive agents who can only represent one company, independent agents can comb through multiple firms to find the lowest rates available. Contact your independent member agent today to learn more about your options.

Comparative Local Landlord Information

  • Estimated landlord insurance cost: $1,580
  • Increase over the cost of a typical homeowners policy: 25%
  • City non-owner occupied housing rate: 61%
  • Local rate of apartment renters: 39%
  • Increased risk of theft in rented homes: 50%

Often novice landlords are surprised to find out that it actually costs more to cover a rented property than one that they occupy. Insurers can underwrite the owners based upon a number of individual factors, but they do not have the same control over tenants that the landlords may choose.

While it is interesting to compare estimated premiums, you should not expect your own Dallas landlord insurance rates to match these figures. Individual rental properties will vary by value, type of home and other factors. For example, a downtown Dallas condominium will have far different rental coverage requirements than a suburban house in Richardson.

Additional factors that contribute to varying insurance rates include the market value of the home and prior claims history. You can reduce the cost of your insurance landlord coverage by keeping the property in excellent condition and making sure that all construction and repairs are current with today's building codes. Additional features such as security equipment, adequate fire alarms, smoke alarms, and perimeter fences can lower your premiums.

Dallas Landlord Insurance Basics

While Dallas offers a diverse range of rental housing units, from large uptown luxury lofts to modest suburban houses, some aspects of a typical policy may remain consistent. This summary can provide you with a basic understanding so you can begin discussing the details with your local Trusted Choice member agent.

  • Property insurance: Property insurance typically covers the actual home, plus any of the owner’s property typically left on site. This other property could range from large appliances to garden tools in a storage shed or garage.
  • Liability insurance: This covers the property’s owner against another party’s claim of bodily injury or property damage.

Owners and renters may share some liability risks. This is the reason why many landlords ask their tenants to buy renters insurance as part of the rental lease agreement. This additional coverage helps protect both parties and may minimize disputes.

Extra Dallas Landlord Insurance

In addition to the basic coverage your landlord insurance policy covers, you may want additional insurance to increase your policy limits or cover additional risks.

  • Loss of use: If the rental property becomes vacant due to a covered incident, such as a fire, this coverage can compensate you for a loss of rental income.
  • Excluded hazards: Some risks are not covered by basic policies. Common examples are flooding and earthquakes. You can ask an independent agent in the Trusted Choice network about additional insurance for these risks.
  • Umbrella insurance: This broadens your basic coverage by dramatically increasing your liability limits at an affordable price.

Find Dallas Landlord Insurance Quotes

In order to protect your valuable property and potential future income, take the time to find the best possible coverage. A local member agent in the Trusted Choice network can help you compare rate quotes from multiple companies and select the most sensible coverage options for your unique needs. Contact a member agent today for more information about Dallas landlord insurance rates and plans.

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