Quiz: Do I Have the Right Homeowner's Insurance for My Rental?
We all know we need homeowners insurance for our property but if you are an “accidental or unintended landlord”, meaning you moved and decided to rent your home or you are just new at being a landlord, you may be unfamiliar with the different types of policies available to you.
True or False – Your homeowners insurance company can deny coverage for a loss at your home if it is now a rental property
Answer: TRUE
Make it a priority to look over your homeowners insurance policy because it’s very likely your existing policy doesn’t cut it anymore. Most policies cover owner-occupied homes, and yours no longer qualifies. What does this mean? It means, the insurance company can deny coverage unless you have the proper policy. Of course there are various policies to choose from that cover standard losses in addition to equipment breakdown, loss of rental income, and accident liability so make sure to discuss your options with your insurance professional. Taking action now will ensure that your rental is properly covered.
One other word of advice: Make sure your tenants have renters insurance to cover their own personal property.
Watch for next week's follow up blog:
The Difference Between Homeowner's Insurance and Landlord Insurance
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
Get the Neighborly App
In addition to Real Property Management's expert skills in managing your rental property, you can utilize Neighborly's other brands to maintain and enhance your home. Use the Neighborly App to get connected to local home service professionals. Download and receive offers only available on the App.
Depending on current health and safety regulations in your area, some of the services mentioned in this post may not be available. Neighborly service providers will follow the latest health and safety guidelines provided by the local and state governments. Please check with your local Neighborly service provider for details at the time you need service(s).
Download It Today
