Landlord Insurance Cost in Dallas, TX Explained

Last Updated: 30th January, 2022

Are you a landlord in Dallas, TX? If so, it is essential to invest in landlord insurance and the best renters insurance. As a landlord, your property and the building that houses your property are valuable investments, and without landlord insurance, they could be at risk of being damaged or destroyed.

In this blog post, we will explore: What landlord insurance covers; whether landlord insurance is required by law for landlords in Dallas, and landlord insurance cost in Dallas. Moreover, the blog post also explains how much one can save on their landlord insurance if they purchase through certain companies (the best 5!), as well as what other things you should know about landlord-insurance policies before buying them.

What is landlord insurance?

Landlord insurance, also known as property insurance, is a policy that provides protection for landlords in the event their rental property or building becomes damaged or destroyed. If the property becomes uninhabitable, this type of policy can also cover loss of income. According to compare the market, if your renter fails to pay their rent or skip payments, your policy may cover your losses (up to a dollar amount or a number of weeks). While landlord insurance cost policies vary, some of the most common types of coverage include loss or damage caused by fire, windstorms, and severe weather, theft, vandalism, plumbing leaks, water backup/flooding in basements due to burst pipes, etc.

Does the law require landlord insurance for landlords?

Landlord insurance is not mandated by law for property owners who rent out their properties in Dallas, TX. However, there are benefits associated with being insured, even though it isn’t a requirement. For example, having landlord insurance can protect your investment from significant losses which could cause you to lose money and also prevent you from having to pay for repairs, replacements, or renovations out of your own pocket.

best renters insurance
landlord insurance cost

How much does landlord insurance cost in Dallas, Texas?

The average annual premium for landlord insurance ranges from $500-$2000 per year, depending on the size and value of your investment property as well as the deductible amount you choose. However, the landlord insurance cost can vary depending on many factors, including local crime rates, the construction quality of your property, etc.
The best way to lower your Landlord Insurance Cost in Dallas is by comparing policies online through companies offering affordable landlord insurance for landlords or potential renters with low credit scores who are looking for a cheaper alternative to renting. The following are the five best companies offering these types of deals as well as their average annual premiums based on what they offer:

– American Modern Home – $1157/year
– Security America – $1580/year
– Allstate Renters Insurance – $1944/year
– State Farm – $2372/year
– Farmers – $2700/year

What else should I know about landlord insurance policies?

Coverage

Before investing in a landlord-insurance policy, be sure to read the fine print! Make sure you are aware of what is and isn’t covered. For example, many policies do not cover ‘acts of God’ such as floods or earthquakes.

Deductibles

Moreover, you’ll also want to be familiar with your deductible amount. This is the amount you will have to pay out-of-pocket before your insurance company begins covering damages/losses. In general, the bigger your deductible, the lower your premiums will be.

How do I lower my landlord insurance cost in Dallas, TX?

There are a few things you can do to try and lower your landlord insurance cost in Dallas, TX.

  • One is by bundling your policy with renter’s insurance – this can be a great way to save money on both policies.
  • Moreover, you may also ask your insurer if they offer any discounts for having multiple policies or being a good customer (e.g., have never made a claim).
  • Additionally, choosing a higher deductible amount will usually result in cheaper premiums.
  • Similarly, opting for a policy that does not cover losses caused by flooding (if the location of your property is in an area prone to floods) will lower your premium.
  • Finally, comparing rates online is always a good idea as it allows you to find the best deal possible on landlord-insurance policies. Fill out the form on our homepage so that we can better assist you.

Is landlord insurance worth having?

The answer to this question differs largely based on the person. For landlords who have multiple properties and investment buildings, landlord insurance is a no-brainer as it provides essential coverage if one of their properties becomes damaged or destroyed. However, for those who only own a single rental property and do not live on-site, the decision to purchase landlord insurance may be less clear-cut.

In general, most people believe that if you can afford the premiums and your property is at risk for any damages or perils, then purchasing a policy is always a good idea.
As with all types of insurance policies, it is essential to read the terms and conditions carefully to make sure you know what your policy covers. Landlord insurance can be a great way to protect yourself, your property, and your income – but only if it’s the right policy for you!

Frequently Asked Questions

Q. How can I file a Landlord Insurance Claim? 

In order to file a Landlord Insurance Claim, it is necessary to examine the damage, call your insurance agent, document the occurrence by taking photos or note any injuries, and fill out and submit the claim forms in order to file a Landlord Insurance claim.

Q. Can I get a landlord insurance online quote? 

Yes, various firms, including those featured on our blog, offer free landlord insurance online quote.

Q. Can I get landlord insurance for multiple properties? 

Yes. In fact, if you’re a landlord with multiple properties, having them all on a single multi property landlord’s insurance policy could save you money. You benefit from economies of scale as well as the convenience of having just one policy, one point of contact, and just one dare of renewal.

Q. Is the loss of rent covered by landlord insurance? 

Loss of rent insurance protects you as a landlord from losing money if your property is deemed inaccessible due to an insured occurrence (such as a fire or flood) and your tenants are forced to vacate. Renter’s insurance allows you to recoup your lost income.

best renters insurance

Renter’s Insurance Agency Suwanee

Suwanee, GA 30024 

678-671-0617 

Business Hours: 

Monday: 9am-6pm 

Tuesday: 9am-6pm 

Wednesday: 9am-6pm 

Thursday: 9am-6pm 

Friday: 9am-6pm 

Saturday: Closed 

Sunday: Closed