Landlords Insurance, do i need it if i have a home policy?
Home Insurance
Question by SimonE: Landlords Insurance, do i need it if i have a home policy?
I’ve read my home insurance policy and it doesn’t say anything about if i need any other cover if i rent my house. Can anyone point me in the right direction?
Best answer:
Answer by MSAD
If you are living in your home – and decide to no longer live in the home but rather to rent it out – you will need to contact your insurance agent and let them know. This is a change in occupancy and your agent should be notified.
What do you think? Answer below!
Tags: can i keep my regular home insurance policy when renting, do landlords need insurance, do landlords need to change home insurance?, do you have to change your homeowners policy when the house becomes a rental, does the owner need insurance if renting house to someone else, Home Insurance Policy, if i rent my house do i need change my homeowners policy, if someone is renting in my house do i have to have insurance, insurance on renting my house, landlord insurance policy bankruptcy, Landlords Insurance Policy, Mortgages, rent my house, what insurance do i need to rent my house to someone else
You don’t give enough specifics to properly answer the question, but if I understand your question, you are renting the house in which you current live.
Your rental agreement should specify who is responsible for the building coverage, and who should take out the homeowners policy (or dwelling policy if it is the landlord). If you are not responsible for the building, you can purchase a renters policy for your contents and for your personal liability.
Your landlord is still responsible for his own negligence and will have to take out a policy to cover himself. He may ask you to take out a homeowners policy on the building and ask you to add him to the policy (since he is the owner), but most likely, you will only need to have the renters policy as described above.
Your homeowners policy is for an owner occupied house. If you’re not living in it, the policy doesn’t apply.
When you rent your house, it becomes a BUSINESS. Look at all the exclusions on your policy, for BUSINESS operations. There are absolute exclusions on the liability, and a fair amount of exclusions on the property coverage, also.
Discuss it with your agent – you’ll flat out need different coverage, if you move out and rent the house to someone else.
homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.