Announcement

Collapse
No announcement yet.

House Insurance (renting out my property)

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

  • House Insurance (renting out my property)

    I plan on renting out my property but it's a very old house and I can't afford to get insurance on the house. Is there a Texas law that obligates me to buy house insurance or even liability insurance if I rent it out to someone? The potential tenant has agreed to renting the house "As Is" but I'm not sure how far that type of agreement would go if something should happen. My concern of course is what type of lawsuit could I face if I don't buy insurance and something should happen.

  • #2
    re: House Insurance (renting out my property)

    You could face huge problems if you rent without insurance. If you have a mortgage, the bank insists on insurance on the property. Rental (investment) property insurance is essential when you have tenants. It protects the property from tenants destroying it by fire or other negligence. It protects you by providing liability insurance against tenant lawsuits (that clause in a lease wouldn't hold up in court). It provides medical coverage should someone be injured on the property. Without insurance, a tenant could intentionally burn your house down and sue you for being injured in the fire! You must have insurance. If you can't afford this insurance (which is cheaper than having home owner's insurance on it), you can't afford to rent the place out.

    Comment


    • #3
      re: House Insurance (renting out my property)

      You need home insurance regardless of whether you rent out your property or not. Many banks will even require it if you are paying a mortgage.

      It's worth it in the long run to get it, if you don't already have it. The building itself is the responsibility of the landlord, for insurance purposes, and the renter should get renter's insurance for all belongings they bring into the rental.

      Comment


      • #4
        re: House Insurance (renting out my property)

        I own the house outright and don't owe a mortgage. In this situation, what type of insurance would you recommend if I want to buy the least type of insurance but have enough coverage. Thank you!

        Comment


        • #5
          re: House Insurance (renting out my property)

          You need a rental property policy (not a home owner's policy). Call any insurance agent, tell them you have a property that you want to rent out and ask for a free quote on the insurance. Shop around to get the best bargain. You have several options in coverage, from the most basic coverage, to one that will even pay you rent if the property is damaged and uninhabitable to rent. Look at your options, decide what level of coverage you need, and make sure it includes liability.

          Comment


          • #6
            re: House Insurance (renting out my property)

            I agree with the last poster's advice. Get insurance if you want to rent your property. It is invaluable.

            Comment

            Previously entered content was automatically saved. Restore or Discard.
            Auto-Saved
            Smile :) Stick Out Tongue :p Wink ;) Mad :mad: Big Grin :D Frown :( Embarrassment :o Confused :confused: Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
            x
            Insert: Thumbnail Small Medium Large Fullsize Remove  
            x

            the color of milk is... (write the answer twice with an "@" between the words)

            widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.
            Working...
            X