What is Landlord Insurance
Landlord insurance, also known as Tenant Insurance, is designed to protect property owners who rent their holdings to other people as primary residences. Landlords face unique and significant liabilities and risks in making their properties available to tenants. Tenant dwelling insurance, which is also called “landlord insurance,” isn’t required by Texas law, but property owners nevertheless have certain legal responsibilities to their tenants.
Do You Need Tenant Insurance in Frisco, TX? You’re Covered with Thomas Rush Insurance
If you’re a landlord, tenant dwelling insurance will help you satisfy your legal obligations to people renting your property if unexpected disaster or accident occurs. Your rental holdings represent a significant investment on your part and landlord insurance is a must for protecting it.
What Does Tenant Insurance Cover?
A Thomas Rush Landlord Insurance policy in Frisco, TX covers a wide range of protections:
Tenant Insurance Building Coverage
Building coverage protects various buildings and structures on the property itself. In addition to tenant buildings, other covered structures can include:
- Storage buildings
- Swimming pools
- Retaining walls, and other structures
In addition, building coverage also protects any of the landlord’s personal property they may use to maintain and/or service the property.
Tenant Insurance Liability Coverage
Liability coverage protects you, the property owner, from liability claims arising due to bodily injury and property damage suffered by tenants.
Tenant Insurance Loss of Income Coverage
It’s quite possible that, in an emergency, you could be obliged to temporarily suspend operations of your rental property. If that happens, loss of income coverage reimburses the property owner for lost income during said closure.
Tenant Insurance Equipment Breakdown Coverage
Equipment breakdown coverage reimburses the property owner for damages to insured property caused by mechanical failures.
Tenant Insurance Move Back Coverage
If an insured event forces you, the landlord, to temporarily relocate tenants to alternate lodgings, tenant move back coverage helps defray the cost of moving them back home after the property is again deemed livable.
Tenant Insurance Heating or Air Conditioning Loss Coverage
Heating or air conditioning loss coverage reimburses the landlord for payments made to a tenant if a mechanical failure causes complete loss of heating or air conditioning in a tenant residence.