Are you Properly Covered for your Rental Property?
July 3, 2014
If you own a property other than your home, you may need to obtain rental property insurance. If you plan to rent out your other property, you need protection from damages that may occur to that property. There are a variety of coverage options that you will need to choose from, depending on the type of property and how you plan to use it. Rental Property Insurance is crucial to protect you from financial loss in case of a fire, weather damage, or any other insured event that makes your rental property uninhabitable. While Rental Property Insurance is similar to homeowners, it varies depending on your specific needs.
Rental Property Insurance coverage should include:
- Replacement cost: This covers the structure without consideration of depreciation.
- Loss of Rental Income: This covers loss of rents resulting from an insured loss.
- Premises Liability Protection: This covers bodily injury, property damage, and medical payments.
Additional coverage options are available depending on your specific rental property. Your insurance agent can help you determine which additional coverage options would best meet the needs of your rental property.
Central Insurance Agency is available around the clock to help you with all of your Austin, Texas insurance needs. Contact us today and speak with one of our highly skilled agents who can guide you through each step of insuring your rental property. Rental Property Insurance is the most efficient way to keep you and your assets protected.