According to the latest census, the non-owner occupied housing rate in this far west Texas city is about 39 percent. You may have a good opportunity to profit by renting housing to families who are not ready or willing to buy a house as long as you buy the right El Paso, TX landlord insurance.
An independent agent in the Trusted Choice® network can help you select the right coverage options and compare multiple El Paso landlord insurance quotes from top-rated insurers. This assistance can help you find the best owner’s policy at a fair price. Contact one of these member agents right away to learn more.
It may cost 25 percent more to insure a rental home than the same home occupied by an owner. El Paso landlord insurance does not have to cover the renter’s personal property in most situations, so this increase in cost may be confusing at first. One of the main reasons the rates for landlords are so high is due to the risks tenants bring with them.
Insurers figure that covering a rental unit is riskier than covering an owner-occupied home for a variety of reasons. Renters may not care as much for a property they lease as one that they own. The actual owner might not visit the premises often enough to be sure everything is working as it should. There is also an increased risk that the property will be vacant from time to time between renters.
Other factors that may account for your policy costs would be the value and age of the house or apartment building, construction type and prior claims history. An independent agent can help you compare insurers to find good coverage at a fair price.
Sun City may be diverse, but there are some standard parts to landlord insurance coverage here. In general, you'll usually find that most El Paso landlord insurance policies have coverage for the following two main issues:
As a landlord, you're not necessarily responsible for the property of your tenants. The only exception would be in a liability scenario - where tenants claim that you have legal responsibility for their injuries or property damage. Perhaps you neglected the roofing repairs, and water damage destroyed an expensive television your renter owned. In this scenario, you might have to cover the replacement cost of the television if you don't have the right coverage.
Should you ask your tenants to buy renters insurance? Including a requirement to purchase a renters policy has become popular in many rental leases. These policies are usually inexpensive and may protect both you and your renter and reduce the likelihood of disputes.
Your basic policy probably will not cover every unexpected issue. Consider these types of extra insurance that can provide you with more protection:
El Paso landlord insurance coverage can protect your property and your bottom line. You can consult with a local independent agent in the Trusted Choice network any time you need help understanding coverage or comparing multiple rate quotes.
A member agent can help you find the right policy at the best price. Contact one of these agents today for more information about El Paso landlord insurance quotes.