If you own property that you are considering turning into a rental property, you may find yourself wondering what landlord insurance is, and if it is the same as home insurance or how it varies from home insurance. Landlord insurance is one of the insurance products offered by Armadillo Insurance Agency, serving residents in the greater Austin, TX area, and we would love to help you understand exactly what landlord insurance is.
What is Landlord Insurance?
Landlord insurance is designed to cover a rental property from disasters and emergencies. This may include things such as pipes bursting and covering water damage or hail damage occurring to your roof. As a general rule of thumb, landlord insurance covers the structure of your property the same way home insurance does. Despite many myths online, landlord insurance does not compensate the landlord for tenants that damage their property or that do not pay their rent.
How Does Landlord Insurance Differ From Home Insurance?
The biggest difference between landlord insurance and home insurance is the property that is stored inside your home. Home insurance covers not only the structure of your home, but everything you have stored inside of the home as well, such as clothing, jewelry, artwork, electronics, and furniture.
Landlord insurance does not cover these items, as you are not living in the home. A renter should obtain renters insurance to cover their property, while you should obtain landlord insurance to protect the property and structure of your investment property.
Get The Right Coverage Today
If you have an investment property that you are looking to insure, the experienced and knowledgeable agents at Armadillo Insurance Agency, serving the greater Austin, TX region, would love to help you insure that property. Call or email us today and let’s work together to ensure the property is fully covered.