The 2010 Census reports that the owner-occupied housing rate in Fort Worth is at about 60 percent. This means that the renter-occupied housing rate is nearly 40 percent. Because of this, local property owners have a good opportunity to lease housing to people who do not want, or are not yet ready, to buy a home. If you own a rental property in this North Texas city, you will want to make sure that your investment is protected with the right Fort Worth, TX landlord insurance policy.
Independent insurance agents in the Trusted Choice® network can help you secure your rental-home business by providing you with professional coverage suggestions and advice. They can also offer you a selection of competitively-priced Fort Worth landlord insurance quotes from multiple insurers. Find great service and affordable rates by contacting a member agent in your neighborhood today.
Some new landlords may be surprised to learn that Fort Worth landlord insurance premiums may be as much as 25 percent higher for rental properties than for owner-occupied properties. This is because landlords assume more risks when they lease a property rather than when they occupy the property themselves.
For example, statistics demonstrate that renter-occupied homes are burglarized 50 percent more often than owner-occupied homes. Burglars may not only steal tenants’ personal items but may also damage the house when they break in. Furthermore, renters may not be as diligent in caring for the property as a homeowner would be and this can open the door to damages and liability lawsuits.
Of course, few local property owners will pay the average rate. Insurers underwrite properties by considering a number of unique factors. Some of these include the age of the home, as well as its type, condition and location. Different insurers may also be friendlier to different types of situations. This is why getting a few different rate quotes can help you find the right deal.
The city offers a variety of rental homes including regular suburban houses, downtown condos, apartments and even mobile homes. The type of home you need to insure may affect your Fort Worth insurance too.
The following are some fairly standard types of coverage included in a typical Fort Worth landlord insurance policy:
Some landlords ask their tenants to purchase renters insurance as part of the lease agreement. This coverage is usually fairly inexpensive and may help protect the owner as well as the renter in case of a dispute.
There are other types of coverage that you might consider purchasing to protect your property and rental business from things that may not be included in a basic policy.
If you are a property owner and landlord, make sure that you adequately protect your finances, assets and income. The right package of protection can keep your rental properties lucrative when the unexpected happens.
Consult a Trusted Choice network agent for professional advice and free competitive price quotes from a variety of top rated insurers. Agents can be found in several locations throughout the Fort Worth metro area so it should be easy to find one with an office near you. Contact a local agent today to learn more about Fort Worth landlord insurance.