Some property owners become landlords by design. They buy a house, or several, with the express purpose of earning extra income from renting the property out. Others may not have set out to be landlords, but being unable to sell their property, they have chosen to make it an asset by turning it into a rented home. Regardless if it was intentional or not, being the owner of a rental property means you need the right insurance to protect it, and to a large extent, those who call it home.
About Rental Property Insurance
- Though you own the home to be rented, your regular homeowners insurance policy may not suffice once you rent the place out. Since you no longer live there (if you ever did), your homeowners insurance plan could be void, since it is designed to cover homes occupied by the owner.
- If you rent out a portion of your home to others temporarily, then you may not need to acquire a separate policy from your homeowners insurance. The specifics would depend on your exact circumstances, and can be explained and decided upon during a one-on-one consultation.
- Like any other insurance policy, your rental property insurance plan will be tailored to your preferences. Depending on your level of coverage, it can include protection from fire, vandalism, roof damage, and in some cases, a vehicle colliding with the structure while tenants are living there.
- Vital repairs and renovations can be costly, and rental property insurance can help lift the financial burdens of most. Still, never assume that your landlord’s insurance will cover something. You can gain a fuller, more comprehensive understanding of what your needs are and what your policy covers by working personally with an independent insurance agent.