Landlords Condo Insurance
Insurance Plus, providing protection for Rental Property Owners, Investors and Management Professionals. Your source for investment property protection.
Coverage forms for most Condo insurance risks are available at this time. Forms available are DP1, DP2, DP3. BOP, and Fire Insurance.
Small for let properties can be covered in our Hassle Free DP1 insurance program
Coverage can generally be effected same day or following day in most cases.
For your convenience, we have many programs that utilize electronic point of sale issue. Some market may require a completed application.
If the property electrical wiring, plumbing and roofing system have all been updated in the last 20 years then you can get a discount on your insurance rate by using the most recent remodeling date as the age of the structure. Up to a 10% credit.
We are now offering accidental water damage coverage with most condo insurance with standard Fire, EC, VMM policies. All DP2 and 3 Polices offer water protection. This applies to tenant and or owner occupied Homes.
Investment properties can present risks not normally associated with an Owners occupied dwelling. A well thought out Insurance Policy or Landlord Cover note can be cost effective as well as provide the necessary financial protection required to secure your investment.
Premium Financing is now available on all Texas rented property insurance programs.
Basic Protection needed
- Main Structure (s), Landlord Building Replacement / ACV option.
- Other Out Buildings and structures on the property.
- Contents Coverage (Equipment Appliances, Furnishings, etc).
- Landlords Liability
- Property Replacement Guarantees.
- Extended Fire, Wind and Hail coverage.
- Accidental Water Discharge from plumbing.
- Loss of Rents Revenue due to a covered losses.
How to save money on Insurance for Condos
We can provide condo insurance on homes, apartments and other main structures as well as certain owners contents. Both Loss of Rents and Owners Liability protection can be included, Property Managers Professional Liability and Crime coverage are also available options. Risks do not need to be free of losses. This coverage is written on Commercial Mono Line or Package policy Forms.
Updates for your Property
1. Update your homes heating, electrical and plumbing systems to modern standards and you may qualify for a discount of as much as 15% on your rental property insurance rate. Even though you may like old-fashioned fire places, they may not be as fire-safe as todays modern heating systems. Building safety and engineering have advanced a long way in recent decades. There are many ways to make your buildings safer. In addition to security, peace of mind and being a lower insurance risk, you can save money, while adding value to your home structure net worth in the marketplace.
Ask about available discounts
2. Investors may not be aware of all the insurance discounts that may be available from your insurer. If you don't know about discounts that can effect your final rate, you may not be able to take advantage of them. Be sure to inform your insurance agent about any major repairs, updates or home renovations you've made to the house and property. Certain new appliances like an HVAC system could qualify you for improvement discounts off your condo's insurance rate. We can help you find the best insurance rate for your investment. Insurers can't always advertise al the available discounts as they may change from time to time. The more common discounts are usually already known, but their may be others available you hadn't thought about. This just means we have to find where they are, it does no harm to ask your agent about ways you can save.
Choice of construction materials
3. The material used use in construction of your property can go a very long way in affecting your condo insurance rates in Texas. Frame Structures provide more resistance to earthquakes. Brick buildings can offer better resistance to high winds and flying debris as well as the occasional auto collision. Those who need insurance for condo risks in the Western United States can often pay lower rates if the buildings are frame because of the earthquakes there. Building your structure with the appropriate material for your state can easily save you 5% to 35% on your rate.
Customizing your insurance Policy
4. Your Condo owners insurance coverage can be both affordable and easy to find when you are working with an agent familiar with the risks investors face. You could save hundreds or even thousands of dollars on insurance for condos in Texas by comparing quotes. Basic form 1 dwelling policies are usually cheaper but may offer less coverage. Special broad form policies provide more coverage but may not always be best value for the money. The rule of thumb is to evaluate competing coverage, whether single or multiple rental properties or condo insurance, make the choice that makes the most sense for your investment exposure. Let us shop the best insurance rate for your condo insurance needs in Texas.