Types of Apartment Complex Insurance in Tyler, Texas
Anyone renting out one or more homes, condos or apartments needs to consider making use of Apartment complex insurance in Tyler TX. This type of insurance protects the property owner when a rental property is damaged due to break-in, fire, weather, or other situations. The insurance policy protects the owner from financial loss in these situations and also when the rental units become uninhabitable as a result of circumstances beyond the control of the landlord. What types of Apartment complex insurance in Tyler TX are offered?
Liability insurance protects you in the event you are sued over an injury sustained on the property. The policy covers the cost of medical payments, legal fees, settlement or judgment costs, and/or funeral costs. In addition, this type of policy covers you in the event the tenant’s property is destroyed due to a failure to repair one or more defects of the property.
Loss of income resulting from an uninhabitable property is covered when one chooses apartment complex insurance. A fire can occur at any time, and the same is true of a severe storm. If one or more portions of the property cannot be used due to this, you receive rental reimbursement so you can continue to generate income from the property even when no one is living there.
Optional coverage varies depending on the selected provider, but may include natural disaster insurance, landlord contents insurance, rent guarantee insurance, and more. The more you are protected by an insurance policy, the less likely you are to suffer a loss in the event something goes wrong with the property or a problem with the tenant arises.
Property damage insurance covers you in the event the property is damaged as a result of vandalism, tenant damage, storm damage, fire, or theft. If you suffer losses due to any of these causes, the policy pays replacement costs, and the same may be true if the property is a total loss.
Contact Kit Parkhill Insurance Agency to learn more about these and other insurance offerings. A rental property is an investment in your future. Make sure it is protected with the right insurance coverage at all times.