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nguyen_bobby81 | I want to rent my home. Are there insurance issues to consider? ? |
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Demarion A
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Home insurance is actually very flexible. I don't understand all the details of my policy, but my homeowners insurance agent is always helpful. Try contacting your agent or a homeowners agent in your town. http://www.americaschoicetoday.com/Home-Insurance.html They will be able to assist you. |
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mwarrior 1
 |
I'd suggest letting your insurance company know. You would want fire damage, tenant damage, as well as loss of rent coverages.
Another thing you could/should insist on is that the tenant obtain Tenant Insurance, with a clause that you be notified if the insurance is cancelled. This would protect you from any damage by the tenant or something that belongs to the tenant (or tenant's guests, etc) |
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loancareer
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To protect yourself, you want to notify your homeowners insurance company that you will be renting the home. On average that will increase the cost of your policy upwards of 30%. Further, you may want to consider a good umbrella policy (if you don't have one already) to protect you from any law suit that may pop up.
You should also REQUIRE via written agreement that your tenants get and maintain a "renter's" policy. This will protect them from loss or damage to all of their possessions and ultimately reduce your policy premiums. A good renters insurance policy can run around $100 to $150 a year depending on location. A bit more if the property is by water, in tornado alley, etc.
Hope this helps. |
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Doctor Deth
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you would have to carry landlord/homeowners insurance, including liability - get $1million in coverage shouldn;t be much more than you are already paying for your homeowners insurance- the tenant should carry renter;s insurance for their personal property which would not be covered under your insurance |
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SmartA$$
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Yes, you need to talk to your insurance agent because most standard homeowners policies specifically state that they do not cover damage caused by renters or tenants.
You will want to adjust your policy to give you the same protections you wanted when you lived in the house, but you want to make sure it covers against damages or incidents caused by the renters.
You should also insist that the renter's get a renter's insurance policy. You could potentially even increase the rent a nominal amount and purchase a renters insurance policy for them. Don't just require this in writing, make sure you verify it. If your lease says they have to have it, but they don't then you aren't protected. Make sure they have a policy, make sure you will be notified if it is canceled or changed, and make sure your homeowners insurance covers you just in case something happens with a tenant who managed to slip through your fingers without insurance. |
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gafpromise
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You should ask your homeowners insurance. You will have to register the home as a rental property rather than a primary residence. |
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JaredBalis
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You definitely want to have your policy altered to show you are renting instead of living there. As long as your property is out of the house, there is no reason to pay for personal property insurance to the same degree as if you were living there. It will cost more, but if there is a claim or a problem, you will have covered your bases.
If you want to find a local agent in your area who can shop the market for insurance to cover your home while you rent it out, fill out a form at http://www.myinsurancequotes.net. I hope that helps!
Sincerely,
Jared B.
http://www.utahinsurance.org
http://www.healthinsuranceinutah.com |
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quickrental.ca
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It is better to tell your insurance company and see if the tenants you are getting have a rental insurance they can get it cheap if they have a auto insurance.
If your property is based in canada try our website www.quickrental.ca . We offer a free rental listing in all the cities in Canada.
Good luck with your renting.
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