There are a few different types of landlord insurance policies that you can choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. Armadillo Insurance Agency in Austin, TX is here to navigate this important insurance coverage.
Here are the three most common types of landlord insurance policies: property damage, liability, and rental income protection.
1. Property Damage Insurance
This type of insurance policy covers the physical structure of your rental property. This includes the walls, floors, ceilings, windows, and doors. It also covers any fixtures or appliances that are permanently attached to the property, such as built-in cabinets or countertops. If your rental property is damaged by fire, wind, hail, or other covered events, this policy will help you pay to repair or replace the damaged property.
2. Liability Insurance
Liability insurance protects you from being sued for negligent actions that result in injury or property damage. If a tenant is injured on your property, or if their belongings are damaged, they could sue you for compensation. This policy will help pay for your legal defense costs, as well as any damages you’re ordered to pay by a court.
Liability insurance also covers you if someone is injured while on your property, even if they’re not a tenant. For example, if a delivery person slips and falls on your icy sidewalk, they could sue you for their medical bills and lost wages.
3. Rental Income Protection
If your rental property is damaged by a covered event, such as fire or wind damage, it can take months to repair or replace the property. This can leave you without any income from your rental property during that time. Rental income protection insurance from Armadillo Insurance Agency will help reimburse you for the lost rental income while your property is being repaired.
Give Us A Call
There are a few different types of landlord insurance policies to choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. If you have any questions about landlord insurance, or if you would like to get a quote, please contact Armadillo Insurance Agency in Austin, TX. We are here to help.