Experienced property owners may know that they need rental property insurance, but often have a difficult time finding the adequate and customizable coverage they need. Often, the only rental property insurance available to property owners involves high premiums and limited coverage, especially when they’re trying to find coverage as an independent individual.
Specialized Property Management is professional property management in Fort Worth that can help. Our 30+ years of experience combined with our position as a well-known property management company will give you access to some of the top insurance policies that you may not have access to as an individual investor. Let us help you find the right insurance policy for your specific property and save you money on unexpected out-of-pocket costs in the future.
The Importance of Rental Property Insurance
Even if you have homeowners insurance, you will still need rental property insurance, and you’ll need to make sure it’s the right fit for your particular situation.
According to ValuePenguin, “It depends on how long you intend to lease the property, but in most cases homeowners insurance coverage won’t be an appropriate substitute for rental property insurance. The presence of tenants in a rental property engenders unique risks that won’t be covered by homeowners insurance, particularly if you plan to lease a property for an extended period of time. The type of insurance you need will depend on how often you rent out your home and the duration of your tenants’ stays.”
What Rental Property Insurance Should Cover
The article continues on to explain, “Its coverage includes property damage, liability costs and loss of rental income for landlords renting their property. Whether you are renting your house, a vacation home or an investment property, rental property insurance is an important safeguard against the financial risk associated with tenants living on your property.”
Liability Coverage Amount
The cost of rental property insurance varies and depends on how much coverage you need. The amount of coverage you need will depend on several factors. According to ZACK’s Finance, “Typically, landlord policies cost approximately 25 percent more than homeowners insurance contracts because landlords are exposed to more risks than most homeowners are…The amount of liability coverage you will need to have in your landlord policy is contingent upon the value of the insured property, your net worth, and whether or not your property is mortgaged…”
Our expert team at Specialized Property Management can help you figure out what kind of insurance you need and how much coverage. We’ll make sure that you get the best quality insurance for the best price possible.
Standard Rental Property Insurance
High quality rental property insurance can be the most difficult to find and negotiate because insurance companies are wary about the long list of unpredictable damage that may occur over time and between varied tenants. In this case, they will only cover the very basic scenarios and leave you to pay for everything else out of pocket. For example, most standard rental property policies won’t cover the following scenarios:
- Pollution and exhaust, such as carbon monoxide
- Dog bites on the property
- Sprinkler water damage
- Fire caused by lightning
- Hostile fire/arson liabilities
Better Rental Property Insurance
Thankfully, not all insurance policies are created equally and our expert managers can help you decide what policy you need to cover your rental property. With the help of professional property management in Fort Worth, you’ll have no problem getting adequate coverage at a desirable rate. Specialized Fort Worth Property Management has seen it all over our 30 years of managing thousands of rental properties, including various types of insurance policies. We are very familiar with the best insurers and the top rated insurance plans, designed specifically to cover rental property.
What We Offer
Our clients enjoy insurance that provides better coverage, lower premiums, and properly managed Fort Worth homes. You can expect the following services from your rental property insurance company:
- Excellent Coverage: full combined limit of $1M
- A+ Rated Carrier and national underwriters
- Vacancy Coverage
- A Broad-Form Policy for more protection
- Replacement Cost
- Ordinance and Law: $50K with increased limits possible
- Sewers and Drains: $25K for backups in all locations
- Additional Flood and Earthquake Coverage available
- 24-Hour Customer Service
- Simple Billing
Coverage With Professional Property Management in Fort Worth
Specialized Fort Worth Property Management offers convenient rental insurance coverage that is consolidated for all of your properties and customized to each property’s individual needs. Our InvestPro Residential policies cover the following:
- Texas weather including wind, hail, tornadoes
- Fire damage from lightning
- Assault and battery
- Sprinkler water damage
- Vandalism and theft
- Carbon monoxide, exhaust, and pollution liability
When you trust us to help you with your insurance coverage, you can rest assured that you won’t be left hanging out to dry-wondering how you are going to pay for that unexpected disaster. We will help prepare you for anything and everything and make sure that you, your tenants, and your property are well provided for.
Our Rental Property Insurance and Management Services
At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust for top-rated rental property insurance. We provide insurance coverage through InvestPro Residential, which offers the option of customization for your specific property’s needs. We also offer a comprehensive list of property management services and insurance coverage options that you can trust. Just some of our management services include:
- INSPECTING: Our team ensures the rental unit is “rent-ready” with curb appeal, making recommendations where necessary. We also conduct mid-lease inspections to ensure lease compliance and care of the property.
- MARKETING: We aggressively advertise your rental property across dozens of websites, post an eye-catching sign on the property, and post the vacancy to our high-traffic rentals listing and Youtube channels.
- SHOWINGS: We prepare and post quality video tours of the property and take care of live showings.
- SCREENING: We conduct rigorous background checks on all prospective tenants 18 years and older to place the most reliable tenants.
- SIGNING: We prepare and execute all leasing documents in accordance with Leases & Addenda promulgated by the Texas Association of Realtors. We secure rents and place deposit funds into escrow, and provide a formal new tenant training on how to care for the property.
- COLLECTING: We enforce the rent collections cycle with a strict, yet respectful, process that helps avoid late payments. We then quickly deposit rent funds to your account electronically.
- MAINTAINING: We respond quickly to your tenant needs and emergencies, handling repair requests with our cost-effective team of qualified, insured maintenance professionals. We also conduct periodic proactive interior and exterior inspections and preventative maintenance.
- RENEWING: We actively work to retain tenants longer with excellent service and perks like our Resident Club. As we proactively renew leases, we help you avoid costly turnover.
- MOVING: When the tenant does move on, we process notices, educate the tenant on the process for a smooth transition, conduct the walk through and manage deposit disbursements.
- REPORTING: In addition to the 24/7 client portal with on-demand, detailed accounting, activity and maintenance reports, we provide detailed monthly reports and year-end tax statements. During the leasing process, owners receive weekly updates.
Choose Professional Property Management in Fort Worth
“SPM’s reporting and accountability is excellent. I have been impressed with the courteous, professional and efficient manner in which the affairs of my properties have been conducted. I recommend Specialized as an agent for handling rental properties.”William M., Owner
Specialized Property Management has been advising property owners all over Fort Worth and helping them manage their properties and rental property insurance effectively and efficiently for over 30 years. With a 98% customer satisfaction rating and a #1 listing out of 270 property managers, you can rest assured that your property will be protected and well taken care of. Our technology-driven processes save you time, money, and stress while making it easy for tenants to pay rent online and access online information. Let us help make your life easier by managing your property for you. Contact us today to learn more about how we can help you select the right insurance policy for your property.
Specialized Specialized Property Management is not an insurer or an insurance agent and does not engage in the business of insurance. InvestPro Residential refers to a master liability and property insurance program issued by one or more top-rated insurance carriers under which clients of Specialized Specialized Property Management can be included as insureds. The InvestPro Residential master policy is brokered by Swingle Collins & Associates, an independent, licensed Texas insurance agency. Swingle Collins & Associates is the point of contact for all questions concerning the InvestPro Residential master policy.
The information on this website is provided for general informational purposes only and does not include all the terms, coverage, exclusions, limitations or conditions that may be contained in the actual insurance policy. The InvestPro Residential policy itself must be read for those details. A sample policy form can be made available upon request to Swingle Collins & Associates.