When purchasing insurance for a Texas rental property, landlords must address the issue of property vacancy and how it can affect their insurance coverage.
Property vacancy is a risk that is specific to rental properties and a protection that an insurance agent should include in any rental policy.
Read on to learn more about the vacancy clause in home rental property insurance policies and why Texas landlords must understand how this coverage works!
What Is A Vacancy Clause In Home Rental Policies?
Rental property insurance policies sold by insurance agencies protect properties occupied by someone other than the property owner.
Since rentals are subject to some unique risks that private properties don't face, landlords must purchase home rental property insurance that protects in a rental situation.
While these policies cover property damage and other risks similar to standard homeowners insurance, some perils are not including periods of vacancy beyond a stated number of days.
These vacancy clauses state that a home that has remained vacant beyond that stated period, usually 30 to 60 days, is no longer protected against property damage and other perils.
For an insurance policy to remain active, someone must be living in the home consistently.
Why Is Home Vacancy Considered An Insurance Risk?
Insurance agencies find that when a rental home is unoccupied, the possibility of property damage increases.
Whether that damage happens due to a broken pipe, an electrical spark, or some other cause, if there is not someone at home to notice it, the extent of the damage can grow exponentially.
Noting this, an experienced insurance agent will always recommend that landlords purchase a rental property policy that includes extra coverage for periods of vacancy so the policy remains active, even when a property is not currently being rented.
Beyond the usual 30 days or so of vacancy that can be common between a change of tenant, anything longer may void the policy's protection.
This includes periods when rental homes are undergoing repairs and cannot be rented.
Watch To Learn About Protecting Rental Properties When Vacant
In this short video, Brad Hurt, partner at Service Insurance Group, discusses the importance of having the right home rental property insurance, including vacancy endorsements that protect rental properties when they sit empty for some time.
Purchase A Protective Rental Policy Soon
Texas landlords in the business of renting homes must protect their properties with insurance policies that protect against the usual risks, as well as some extra ones.
Insurance agents experienced with rental properties recommend vacancy endorsements to provide full coverage for these properties, even when they are not occupied.
No home rental property insurance policy should be considered complete without a vacancy endorsement which continues the policy even if there are long periods between tenants.
Need Home Rental Property Insurance in Bryan Texas?
Contact the Insurance Agents at Service Insurance Group!
Call 979-300-7345 To Discuss Your Insurance Needs!
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