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What Type of Insurance Do I Need If I’m Renting Out My Home?

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Renting out homes seems to be very popular in the last few years for many reasons. 

Did you know if you rent your property to a tenant to live in, you will need to get a specialized insurance policy.   Your homeowners policy voids when it is no longer owner occupied after a certain number of days.  So be sure to contact us to get your dwelling fire insurance policy with liability coverage for landlords.    Your first step should be to call your insurance agent.      Your standard homeowners policy may not cover losses incurred while your home is rented out, and you may require a more specialized insurance policy.
If you are planning to rent out your home  you will likely need a dwelling fire policy. Landlord policies generally cost about 25 percent more than a standard homeowners policy because landlords need more protection than a typical homeowner and the claims experience with non owner occupied properties is expected to be higher.  If you are renting out a vacation home or investment property, this would also require a landlord or rental dwelling policy.
Dwelling fire insurance policies for property owners can provide property insurance coverage for any physical damage to the structure of the home caused by fire, lightning, wind, hail, ice, snow or other covered perils. It also offers coverage for any personal property you may leave on-site for maintenance or tenant use, like appliances, lawnmowers and snow blowers.    It is important to let your agent know what property you will be leaving there. 
The policy may also include liability coverage; if a tenant or one of their guests gets hurt on the property, it would cover legal fees, due to injury claims, and medical expenses.
Most landlord policies provide coverage for loss of rental income in the event you are not able to rent out the property while it is being repaired or rebuilt due to damage from a covered loss. This coverage is generally provided for a specific period of time.

Renters Insurance

As the property owner, your coverage is only on the structure itself and your financial interest in it. Your tenant’s personal possessions are not covered under your policy. In order to avoid disputes in the event of damage to the renter’s belongings, many landlords require a tenant to buy renters insurance before signing a lease.   Renters insurance can be as little as $15/month so it's very affordable.    I highly recommend this is a lease requirement because it will give the property owner liability coverage to file a claim upon if the renter damages the property.   It keeps the claim off of the property owner's insurance and puts the claim where it belongs onto the renters if they created damage.   They may be able to recover from the renters insurance policy instead of using their own property coverage that may have a deductible.

If your insurance needs include finding a dwelling fire policy please contact an independent insurance agent like us who can provide many options for you.

Suzanne@SuzanneBrownAgency.com     281-558-2210

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