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If you own a home, you probably already have homeowners insurance to protect your investment from covered losses. However, a standard homeowners policy may not cover damages that occur when your house is being rented out, depending on the length of the rental term and the situation. Our experienced agent can advise you on what insurance you need if you plan to rent out your home.
There may be a variety of circumstances under which you may want to rent your home. The situation may involve either a short-term rental of your primary residence or long-term lease of a second home.
If you are planning to rent your primary residence for a very short period, such as a week or several weekends, your insurance needs could vary depending on the specific circumstances:
Buying a second home to rent is a popular investment strategy. When individual homeowners marry, they may decide to live in one home and rent out the other as a source of income. This strategy has tax and investment advantages, but it does require you to carry a type of business insurance known as a landlord or rental dwelling policy. Risks are increased when you rent out your property for longer periods, such as six months or a year. These additional risks will be reflected in your premiums, which generally run approximately 25 percent higher than the cost of a standard homeowners policy.
Whether it is your primary residence or a second rental home, residential property is a major investment. Our friendly agent can help ensure you have the insurance coverage you need to protect your home.Filed Under: Business Insurance | Tagged With: Landlord Insurance