I own a one family home and am considering moving and renting the house to a tenant. What changes do I need to make to my Current policy?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Sep 15, 2016

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Insurance Question from Yonkers, NY

Asked on 09/15/2016

I own a one family home and am considering moving and renting the house to a tenant. What changes do I need to make to my Current policy? NULL

Answer given on September 28, 2016

A homeowner policy is for just that insurance on an owner occupied home. If you move and rent out your home, you need to contact your insurance agent and rewrite the insurance to a rental dwelling policy. (some insurance companies use different terms, but they will understand).Under the rental dwelling policy you would still have coverage for damages to your home. You can include personal property at whatever limit you want or need. If you are only including the refrigerator and washer and dryer, you would not need very much personal property coverage. If you are renting the home furnished, you would need more. The personal property would be covered in the same way it was under the homeowner policy, but there would be NO theft coverage. You can require the tenant to purchase renters insurance, which will include damage to your personal property and will provide liability for the tenant in case they cause injury to someone. You can add other coverages as needed. Talk to your agent and review the entire plan of insurance for your rental home and where you intend to move.

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