Making Changes to Landlord Insurance Coverage in Texas
Key Points
- Insurance Coverage Changes: Texas landlord insurance coverage can be modified according to the landlord's needs and current market valuations. Regular review of the coverage is suggested at least once per year.
- What can be changed: Insurance holders can adjust aspects like additional coverage (adding or removing riders), premium payment plan, deductible amount, and overall coverage amount. Property details such as the address and ownership information can also be adjusted.
- How to change: The process involves contacting a knowledgeable, Texas-licensed property insurance agent who can guide you on the changes, or directly informing your insurance provider about the desired alterations.
- Limitations: The coverage amount usually cannot be changed after the premium is paid for your landlord insurance policy in Texas. However, further consultation with an agent can help identify potential options.
- Adding/Removing Properties: You can add or remove properties to/from your existing landlord insurance policy, similar to homeowners insurance policy. Consulting with an insurance agent can provide you with detailed steps on how to do this.
- Consent Requirement: Insurance companies cannot make changes to your landlord insurance policy without your consent. The Office of the Public Insurance Counsel in Texas (OPIC) mandates insurers to notify policyholders in writing about intended changes 30 days before the renewal date.
Overview
There are different ways to make changes to your Texas landlord insurance coverage.
- You can contact your current insurer and discuss your intention to make some changes to your coverage. If you purchased your rental property insurance policy through an independent property insurance agent, you could ask the agent to handle the changes on your behalf.
- If your current insurer does not allow what you want, your agent can help you get another coverage from another property insurer in Texas. Typically, you want to review the coverages at least once per year, to make sure that you are covered based on the current market valuations.
Knowledgeable Texas-licensed property insurance agents can help you when you are considering making changes to your landlord insurance policy. They can offer you professional advice on whether to change your coverage or not.
Can I Make Changes to the Coverage of Landlord Insurance Policy?
Yes, you can make changes to the coverage of your landlord insurance policy.
What Can Be Changed In a Landlord Insurance in Texas?
The changes you can make to the coverage of your policy include:
Additional coverage: Your landlord insurance may not cover some risks (such as a change in building code and loss or damage when the building is not occupied). You can decide to add these riders or remove them based on your needs.
Premium payment plan: You can change your premium payment plan from annual lump-sum payments to monthly payments or vice versa. You can also decide to change it to any other payment plan that works for you, although your insurer must approve it.
The amount of deductible you pay: You may decide to change the amount of money you are obligated to pay out of pocket whenever you file a non-liability claim. This type of change can be in the form of reducing or increasing what you pay as a deductible.
The amount of coverage you have: This can happen if you have an underinsured or overinsured real estate. You can increase or reduce the coverage limit you have for your rental property or properties as the case may be.
Property details:
- Property address
- Property owner - All parties with a provable insurable interest in rental property should be listed.
Speak with a knowledgeable Texas-licensed property insurance agent to discuss what changes you can make to your landlord insurance policy.
How Can I Make Changes to an Active Texas Landlord Insurance Policy?
You can make changes to an active landlord insurance policy in Texas by:
Contacting your property insurance agent
You can inform your insurance agent about your intention to make some changes to your landlord insurance coverage. Your agent can help you review your needs and advise you on whether you need to make the changes to your rental property coverage. If your agent sees a need for you to make the changes, they will help you initiate the process of making changes to your policy. Furthermore, your agent may suggest another insurer that can serve you better based on the changes you want to make. This step works if you purchased your rental property policy through an independent property insurance agent.
Informing your landlord insurance provider about the changes you want to make
You can visit or call your insurer to discuss the changes you want to make. When you visit or call your insurer, you will be able to speak with your insurer's agent. The agent can discuss the property insurance products that their insurance company offers and help you make changes that align with their offer. If the changes result in more coverage, your premiums will also increase.
Can I Change Coverage Amount After Paying For a Landlord Insurance Policy?
No. You typically cannot change your coverage amount for the duration of the policy period after paying for your landlord insurance policy in Texas. If you want to make some changes to your coverage amount, you may be required to get another landlord insurance policy with the coverage you want. However, discuss your needs with a Texas-licensed property insurance agent so you can get proper guidance and know the options you have.
Can I Add a Property to My Landlord Insurance?
Yes, similar to homeowners insurance policy, you can add a property or a list of properties in Texas to your existing landlord insurance policy. This is the easiest and the least expensive way of having landlord insurance coverage for multiple properties. Having different landlord insurance policies for each of your properties can be much more expensive.
Consult with a knowledgeable Texas-licensed property insurance agent who can guide you on how to add more properties to your existing insurance coverage.
Can I Remove a Property from Landlord Insurance?
Yes, you can remove a property or a list of properties you own in Texas from your current insurance coverage. If you sell a property your landlord insurance covers, you will need to remove it from your coverage.
A Texas-licensed property insurance agent can provide information on the steps you need to take to remove a property from your landlord insurance if the need be.
What Can Be Changed in Landlord Insurance Without Your Consent?
Your insurer cannot change anything in your landlord insurance without your consent. The Office of the Public Insurance Counsel in Texas (OPIC) requires insurance companies to inform their clients about changes they intend to make to their insurance policies in writing 30 days before the renewal date. Therefore, no change can be made to your rental property insurance policy without your consent.
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