Rentals in 75212>Question Details

alacla9, Home Owner in Dallas County, TX

hi, i own a home in Texas, i live in Chicago. is there anything?

Asked by alacla9, Dallas County, TX Mon Jul 23, 2012

hi, i own a home in Texas, i live in Chicago. is there anything special i need to rent the Texas home. asked my insurance agent here and was told to ask agents from Texas. i did and was asked for some info. gave them what they asked for and they wanted more info, and more. enough is enough. can anyone on here help? thanks, art

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I, too, have a house in Chicago and one here. The insurance on a rental property is different from homeowner's insurance. In addition to losing the liability protection afforded by a homeowner's policy there are addenda to your policy that require you to maintain it, especially during cold months to protect it from damage of freezing pipes, etc. If you fail to tell the insurance carrier, they could deny claims you might make.

The liability part is important, too. An injury on the property could cost you more than the house is worth or even jeopardize your current home. I recommend to my real estate clients to carry an umbrella policy or at least extend the liability coverage from their homeowner's policy to their rental.
A property manager can help you keep the property rented, mowed, and otherwise maintained. They can even pay your HOA and/or mortgage from rent proceeds.

Properties that don't rent for much might be better off sold, because remote management or maintenance can be very stressful. Property management will consume a chunk of the cash flow, taxes and insurance will surely make a large dent in the cash flow, too. Good luck.
Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Tue Jul 24, 2012
T. E., could i keep in touch with you till i get this down. it's being rehabbed at this moment. i also have family just 3 houses down on either side to manage/care for the house. so i'm really just concerned with type of insurance to use/get. the umbrella sounds good. being in Chicago, could i add the umbrella policy to my current Chicago policy to cover the Texas house? thank you again, Art
Flag Wed Jul 25, 2012
thanks that was great, Art
Flag Tue Jul 24, 2012
thanks that was great, Art
Flag Tue Jul 24, 2012
Hi,

To rent a home in Texas you just need to notify your home insurance company and change to a policy that covers your home with tenants. it doesn't raise your annual premium much. 2nd you need to get set up with a good property manager that will do you a service with screening tenants and collecting monthly rent on time.

I look forward to speaking with you.

Nathan Beckey, Realtor
\(m) 817.691.602 (e) nathan@exclusivepropertiestexas.com
http://www.exclusivepropertiestexas.com
More Options. More Results.
0 votes Thank Flag Link Mon Jul 30, 2012
ok back on this site. what would a property manager cost since i'm new at this? thanks, Art
Flag Wed Aug 29, 2012
ok back on this site. what would a property manager cost since i'm new at this? thanks, Art
Flag Wed Aug 29, 2012
What do you need to rent a home in Texas?

1) a home
2) someone to place a sign and market the property to prospective tenants
3) someone manage the property and coordinate contracts, accounting, repairs, etc.
4) contact your insurance carrier and let them know the home is a rental and request liability coverage in case a tenant is injured and seeks to go after the owner

Check out my blog on tenant screening....

http://www.trulia.com/blog/dddrealtor/2012/06/managing_renta…


Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)

http://www.dddrealtor.com

'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Tue Jul 24, 2012
A lot of people rent out their properties by throwing a sign up in the yard. There will be an application process and contract signing just like any other lease. Make sure to get proof of insurance after your tenants move in. You could also list it on the MLS through a Realtor, me, haha. Let me know if you need any help.

Zack Klika
972-800-7435
0 votes Thank Flag Link Tue Jul 24, 2012
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