Skip to Content

Do You Have the Right Landlord Insurance?

Paper reading “landlord insurance” resting on a desk.Many property owners find it challenging to cover the cost of landlord insurance. In fact, some people might believe that they are overpaying for even a basic landlord insurance policy. However, as a rental property investor with basic coverage, it might be beneficial to consider obtaining insurance to protect yourself and your property from unforeseen calamities.

Having insurance that covers more than just your rental house is crucial for landlords in Corpus Christi. Comprehensive coverage for lost rent, full liability, and unexpected special charges can provide you peace of mind that you have the right insurance for your situation. You can feel confident that your investment is secure.

Incidents may require significant repairs

Most investors know the value of getting insurance coverage to protect their investment in case of a significant loss. Storm damage, fire, and other events can make the property uninhabitable and lead to extensive repairs. Your basic landlord insurance policy may not fully protect you from potential loss of rental income. This is where fair rental income protection comes into play.

Protect your cash flow

This sort of insurance, also known as fair rental value coverage, may help replace lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies include this type of protection, while others may not. If yours does not, and lost rent is a concern for you, then it is important to investigate adding fair rental income protection to your base policy. This additional coverage provides you with a sense of financial security, ensuring that your income is protected even in unexpected circumstances.

Additional liability coverage

A comprehensive landlord insurance policy will protect you from the cost of property damage and some kinds of liability. Several landlord insurance policies provide coverage for medical or legal fees if a tenant or guest is injured due to the property’s condition. However, for some property investors, other potential liabilities require more coverage. Under such circumstances, additional liability coverage could be an ideal choice. Let’s say a tenant experiences a break-in while renting one of your properties or conducts unlawful behavior, and you do not take immediate action to address the issue; you could be held accountable for amounts beyond what a basic landlord policy will cover.

Special Assessment Coverage

Apart from lost rent and liability, it is also important to consider special assessment coverage. A special assessment is an expense levied by an owner’s association on community association property owners. These special assessments can be added to current association fees for numerous reasons, such as vital building or community improvement projects. Property owners can purchase special assessment insurance, often referred to as title insurance, to stay out of the unwelcome surprise of a large special assessment. This insurance protects your property from special assessments that were not included in the original purchase documents. If your rental properties are liable for homeowner’s association fees, this is one type of insurance that property investors should seriously consider.

Talk to a professional

To protect all your assets, it is an excellent idea to consult with an insurance expert who can provide you with the necessary coverage. Moreover, as your investment portfolio changes, so should your insurance coverage. Reviewing your insurance coverage annually and making the necessary changes will not only be important but also empower you to keep you and your Corpus Christi rental properties fully protected. This preventive method guarantees your continuous control over your insurance needs.

Real Property Management Shoreline is devoted to assisting Corpus Christi property owners with selecting the coverage and policies that best suit their needs. We can connect you with professionals offering quality insurance policies at the most competitive rates. Having industry experts on your side will give you the confidence that you have the correct landlord insurance for a long and profitable rental property investing career. Contact us online or at 361-885-0500 for additional info.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details