Texas Landlord Insurance Overview

The National Multi Housing Council (NMHC) estimates that 14 percent of Lone Star State homes are rental units. The percentage is much higher in the largest cities. The high number of rental properties provides Texas investors with an opportunity to make a business out of providing housing. Rental units consist of townhomes, condominiums, duplexes, or freestanding houses. One of the essential keys to a profitable career as a landlord is quality Texas landlord insurance.

Finding the right policy can be as simple as contacting a local and independent Trusted Choice® member agent. These professionals are ready to help you assess your potential risk and coverage needs. Since these are independent agents, they are free to help you compare multiple Texas landlord insurance quotes and plans from a large number of competing companies. The combination of personal service, custom-tailored rate quotes, and professional advice can help you excel as a landlord. Contact your Trusted Choice member agent today to confirm your coverage and look into cost saving alternatives.

Cost and Statistics
Estimated annual landlord insurance cost: $1,950
Increase over expected cost of a typical homeowners policy: 1.25
Homes in the state that are rental apartments: 14%
Increased risk of theft in rented homes: 50%
Insurance companies find that landlords take on additional risks when they allow renters to occupy their homes. Since a Texas landlord insurance policy may cost as much as 25 percent more than the homeowners policy for the same property, evaluating options and comparing rates can produce real savings.

You might expect average rates to be higher in larger cities like Dallas, Houston, and San Antonio. Still, apartment units, suburban houses, mobile homes, or rented condo and townhouse units may all be underwritten differently in each location.

Each property is unique. In general, insurers prefer to cover homes that are occupied. A vacant home or vacation property that is often empty may face additional risks and actually cost more to cover. While insurers may also consider additional risks when tenants are renting a home, they find that the risk of loss is generally lowered when the home is occupied. This makes sense since there is often someone at the home that can prevent damage and call for help when needed.

These are the two primary types of coverage:

Property insurance
Liability insurance
As a landlord, you will need to cover any property you own on the premises, in addition to the structure. That may include large appliances, floor coverings, and window treatments. However, it will not generally include your tenant’s personal property.

Liability insurance covers the landlord in the event the tenant, a guest, or another party claims that the owner’s actions or negligence harmed them.

Landlords are not usually responsible for a tenant’s personal property unless the tenants can prove damages were caused by a landlord’s negligence. Some landlords require tenants to purchase renters insurance. This extra property and liability coverage can protect both renters and landlords.

In order to get accurate Texas landlord insurance quotes, contact a Trusted Choice member agent. Any of these professionals can provide custom quotes based on your property’s location, value, and other unique factors.

Extra Insurance for Lone Star State Landlords
Landlords may also choose some extra policy coverage to protect their properties and incomes. One popular policy option protects landlords against a loss of income if the home is damaged and the tenants are forced to leave. This is known as “loss of use” coverage.

Flood insurance is another type of coverage that may not be included in a typical Texas landlord insurance policy. Flood insurance is offered by the National Flood Insurance Program, and you can usually buy a policy from a local insurance agent. Your local Trusted Choice member agent can help you analyze your risks and suggest the right coverage options that can help protect your business from rising water and reduce your expenses.

Contact Us

Freedom Insurance Group
3861 Long Prairie Rd Ste 110
Flower Mound, TX 75028
Phone: (972) 798-3769


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