Should I change my home insurance policy if I rent out?
by Guest » Mon Aug 19, 2013 07:09 am
Do i need to change my homeowners insurance if I rent out my home? My neighbor said that I needn't as the tenant is supposed to get one. Is that true?
Total Comments: 2
Posted: Wed Aug 21, 2013 01:30 am Post Subject:
Your neighbor does not have a clue. Your renter may obtain a renters policy but they may not. They may also obtain it and then not pay. What would you do then if they burned down your house? What if your home burns down and it's not the renters fault? You've not lost ${insert value of home}. You not only need a dwelling/fire policy on the home but you also need some form of liability coverage in case 1) your renter sues you for some type of negligence and/or someone else sues you due do to some type of negligence involving the property in question.
Posted: Fri Aug 23, 2013 01:30 am Post Subject:
Whether your tenant purchases a renter's policy or not, it won't cover damage to the dwelling. Because you are not the one living in the property, a homeowner's policy is the wrong form of insurance. You need a "dwelling" policy or, as tcope said above, a basic fire policy. The dwelling policy will probably cost the same (or less) than the auto policy on your new vehicle.
Posted: Wed Aug 21, 2013 01:30 am Post Subject:
Your neighbor does not have a clue. Your renter may obtain a renters policy but they may not. They may also obtain it and then not pay. What would you do then if they burned down your house? What if your home burns down and it's not the renters fault? You've not lost ${insert value of home}. You not only need a dwelling/fire policy on the home but you also need some form of liability coverage in case 1) your renter sues you for some type of negligence and/or someone else sues you due do to some type of negligence involving the property in question.
Posted: Fri Aug 23, 2013 01:30 am Post Subject:
Whether your tenant purchases a renter's policy or not, it won't cover damage to the dwelling. Because you are not the one living in the property, a homeowner's policy is the wrong form of insurance. You need a "dwelling" policy or, as tcope said above, a basic fire policy. The dwelling policy will probably cost the same (or less) than the auto policy on your new vehicle.
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