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?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Sep 15, 2016
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
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.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.