Almost a quarter of all housing units in the Alamo City are apartments. If you combine apartments with rented houses, condos and mobile homes, the city’s rental rate is closer to half of occupied housing. Rental homeowners in this city can take advantage of rental opportunities as long as they protect their property with good San Antonio, TX landlord insurance.
It might be surprising to find that insurers actually could charge more to insure a property as a rental home than they do to insure the same property as an owner-occupied home. But insurers may assume that landlords take additional risks that owners do not have.
For one thing, each insurer gets an opportunity to underwrite a specific landlord. The insurer has to trust the landlord’s judgment regarding tenants. In addition, there may be the added risk of rental properties being vacant from time to time. Insurers generally believe that vacant properties are more risky to cover than occupied properties.
Of course, your own San Antonio insurance rates will depend upon many individual considerations. For instance, luxury apartments built right on the famous downtown River Walk will have higher insurance rates than north-central area houses. The best way to figure out how much your coverage should cost is to compare rates from a handful of highly rated local insurers.
You may find some typical coverage included in a basic policy. This could include a package that includes both of these coverages:
Note that your policy will include some incidents and exclude others. A local agent can explain and help you understand the details of your basic coverage.
While a basic policy may exclude some incidents, you can still extend your protection with additional policy options or separate policies. These are some insurance options you can ask your local agent about:
Protect your rental property and your rental income with the right combination of policies. A local independent Trusted Choice network agent can help you select the right coverage options and help you compare free rate quotes from multiple insurance companies. Contact one of these agents right away to get the San Antonio landlord insurance that fits your needs and your budget.