Insurance for Duplexes in Texas

People who purchase duplex houses often think of the passiveQuote Texas Insurance work income they can get from renting out the second unit while they live in the first unit. Sometimes, however, people buy a duplex house not to rent it out but with the intent of having a family member live in the other unit, allowing them to live close to their loved ones. Still, others might buy individual duplex units for residential use, essentially making them co-owners of condominium-type properties.

Whether the duplex is for investment purposes or for personal use, having it insured is something you should always consider.

Duplex for rental purposes

If you are thinking of renting out the other unit of your duplex, then you will need an insurance policy that is ideal for landlords and rental property. A landlord and rental property insurance policy offers you protection from financial burdens that may arise out of challenges associated with the unit you are renting out. These can include:

 

  • Damage to the building and losses that may stem from fires, theft, riots, vandalism, and other insurable risks.
  • Damage and loss of contents in the duplex unit you are renting out, if these are included in your rental package. This can include furnishings, fittings, fixtures, and appliances.
  • Loss of income, when the unit becomes unfit for occupancy due to accidents or circumstances beyond your control.
  • Cost of re-homing your tenant when the unit becomes unsafe to live in due to events like accidents, landslips, and subsidence.
  • Compensation claims from a third party, should they figure in an accident within your rental property.

 

Single ownership duplex that is not for business

If you are buying a duplex to own for yourself or to have a relative or friend occupy the other half, then you will need a standard homeowner's insurance policy. You can split the cost of the policy with the people you are sharing the house with, or you can also purchase this on your own.

Whatever the case may be, your homeowner's insurance will protect both sides of the home from financial burdens that may come from events like accidents, theft, vandalism, falling objects, explosions, and crashing vehicles. This policy can also cover medical costs, should someone sustain an injury in your home.

Ownership of a duplex unit sold as an individual unit

When you purchase one half of a duplex, you are essentially purchasing a home that is considered a condominium since the property as a whole is co-owned by you. In this case, you will need to acquire a condominium-type insurance policy. This policy is similar to a homeowner's policy since it covers the same things like losses or damage due to events such as fire, wind, smoke, theft, or vandalism. This can also protect the things you own within your unit. Some people who find that this particular policy is not to their liking often talk with their co-owners and secure a homeowner's insurance instead to cover the entire home, with both parties splitting the costs of the policy.

Whether you are thinking of renting out the second unit of your duplex, owning both units for family use, or are buying a single unit that is part of a whole, Quote Texas Insurance can help you determine the best policy for your requirements. We Make Insurance Simple! Do not hesitate to contact us today to find out more about your insurance options for your duplex.