Does Renters Insurance Cover Flood Damage?
If you are a landlord and rent property in Leander, TX, it is to your advantage if your tenants obtain renters insurance. This policy covers their belongings in the case of a fire or from damage or loss of contents due to vandalism. It also has a component of liability coverage in most cases, which could come back to being a benefit for property owners. That's because the liability aspect covers accidental damages caused by a renter that spills out into other rental units that you own. While legally, tenants are responsible for this damage, if they do not have the money or insurance to pay out, you could be left holding the bag.
The Benefits of Insurance Coverage
The best situation is when both the landlord and the tenant have adequate coverage. In the case of a storm, or some other damaging event, it is common for the property owner to pay for any structural damage, while the tenant pays for damage to his or her belongings. Basic renters insurance covers the following situations:
- Damage inflicted by a pet
- General liability
The coverage for a renter is usually fairly inexpensive. A tenant can also purchase add-on coverage in the form of extra insurance for high-value items or coverage for such things as plumbing malfunctions that destroy contents.
The Advantage of Storm Response
Whatever your insurance coverage is as a landlord, and whatever renters insurance your tenant has, it's always a good idea to partner with a storm remediation team should disaster strike. A fast local response is critical to saving property and reducing expenses. Professionals will have the equipment needed to remove water and deal with difficult situations such as contaminated water from a flood or a sewer backup. A top company will also help you work with your insurance company to get a fair and accurate claim payout.