Residents of Coppell, TX who own investment properties do not need to purchase property insurance by law. It will, however, be required by their lenders, and it is a good business practice to do so. Property insurance is also referred to as landlord insurance, and it will provide different coverage than the renters insurance purchased by your tenants.
Property Damage
Property damage can be caused by a variety of causes, and your property insurance may have provisions to cover you in the event that you sustain damage to the structure of your building. The specifics of this will vary from policy to policy, and your agent can go into this in more detail for you. Your tenants’ personal possessions can also be protected in certain instances if this is included in your coverage.
Liability Issues
When you rent your property out to others, you potentially can face a bevy of liability issues. You will be afforded a measure of protection against problems related to liability when this is included in your policy, and you can discuss these further with your agent.
Loss of Income
You can sustain a loss of income when your property becomes uninhabitable and your renters need to vacate the premises. Certain property insurance policies have provisions for the loss of income that are the result of various situations that may arise.
Contact The Select Insurance Agency
The Select Insurance Agency is a provider of property insurance and has experience serving the residents of Coppell, TX. We encourage you to make an appointment to speak with one of our knowledgeable agents about your property insurance needs, and we will be happy to help you find the insurance solution that is right for you.
