Protect Your Texas Rental Properties with Apartment Building Insurance
The Nowell Agency Helps You Get the Best Coverage
Owning rental property can be a lucrative business and an excellent service. When you provide a comfortable place for families to reside, you may have a waiting list of potential tenants. Like any other business, you should protect your interests and those of your customers, in this case, your renters, and those that visit your property. Do you have the right types of coverage for the times when someone gets hurt and files a lawsuit against you?
Protect your investment and ensure your tenants have a place to live when you carry the right apartment building insurance for your Texas properties. The team from The Nowell Agency works diligently to find you the best coverage at prices you can afford. Speak with us today and get the right policies for your properties.
Understand the Risks Faced by Landlords
Enjoying semi-passive income is possible as long as you consider what risks you may face and obtain the best coverage. Here are a few of the risks to remember:
- Catastrophic events like fire, storms, and other damage to the property
- Injuries that happen to tenants, employees, and visitors
- Theft or vandalism
- Loss of rental income
- Claims of invasion of privacy
- Lawsuits of discrimination filed by tenants or employees
- Allegations of fraud or misrepresentation by you or your employees
Basic Policies for Apartment Building Insurance in Texas
There are no one-size-fits-all policies for landlords, but here are some basic coverages you should consider:
- Commercial Property Coverage: Protect against the loss of your apartment building, garages, office space, common areas, fences, swimming pools, and storage building on the property. You should also talk with your Nowell Agency broker about coverage for improvements, and any personal property kept on the premises that are used to maintain and service your buildings and grounds.
- Loss of Income: In the event a catastrophe does occur, for example, a fire in one of the units or damage from a storm, you may lose out on rental income. Missing out on that revenue may affect your entire rental operation significantly, so having a backup is a good idea.
- General Liability: With people coming in and out all the time, one slip on a crack in the sidewalk can cause injury and a claim. It is not just tenants you should be concerned with. It can be visitors and delivery persons that file lawsuits.
Optional Coverage to Consider
You are not limited to only three types of protection. There are additional options, including:
- Equipment Breakdown
- Umbrella Insurance
- Workers’ Compensation
- Commercial Auto
Be sure to speak with your Nowell Agency broker to ensure you have the right protection in place for your unique situation.
Safeguard Your Rental Properties with Apartment Building Insurance in Texas
Continue offering a valuable community service while protecting your interests with a tailored insurance plan. The brokers at The Nowell Agency deal with a variety of carriers that are ready to provide you with the right coverage at reasonable rates. Don’t let a disgruntled tenant or a catastrophe destroy your business. Call us today!
Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about apartment building insurance in Texas. You can also request a quote online.