Texas-based USAA insurance company exclusively insures active duty and former members of the U.S. armed services and their families. Its property insurance offerings to members who are also landlords include rental home insurance on up to five tenant-occupied dwellings.
USAA's standard policy for landlords covers damage to the dwelling from fire, hail and vandalism as well as damage to the owner's personal property left in the home, such as kitchen appliances. Other dangers may be underwritten and then defined in the individual policy.
Personal Liability Coverage
In certain situations, the policy will cover the landlord's legal fees if someone is injured or if someone's property is damaged on the insured's property. It also covers medical expenses if a visitor is injured or suffers a loss on the insured property.
Loss of Rental Income Coverage
USAA will pay the insured landlord any lost rental income while the property is being repaired or rebuilt due to damage from a covered loss.
To qualify for USAA's rental home insurance policy, you must be a USAA member. In all states except California, Florida, Georgia, Hawaii, Maine, New Hampshire and New York, you must also carry USAA homeowner's or renter's insurance on your own home.
Deductible and Premiums
The policy is written with a small deductible and an annual premium, which are determined at the time of underwriting. USAA's underwriting criteria will include the type and size of the dwelling, its location, furnishings and personal property to be left in the rental.
Henry Randolph began writing as a corporate technical writer in 1997. He has written everything from policy manuals and corporate reports to internal newsletters and intranet content. Randolph's specialties include financial, military, fitness and technical topics. Since retiring in 2007, he has co-edited the "Wayzgoose Gazette," a nonprofit printing museum's newsletter. Randolph holds a master's degree in foreign service from Georgetown University.