Do You Have the Right Insurance Policy For Your Rental Home?
There are many reasons, as a homeowner, why you may choose to rent out your home. Whether it is because you are temporarily moving, have a second home, or bought the home strictly for investment purposes it is important to let your California Home insurance agent know your plan. Depending on the scenario, a standard homeowner policy may not cover any loss that happens while your home is being rented. There are different types of policies that your agent can inform you about that may give you better coverage.
1. Short-term rental or Primary resident: a policy created when you are planning on renting part or all of your primary residence for a short period of time.
2. Long-term rental or second home: this is a policy used if you are planning to rent your home for a long period of time. In this scenario you will most likely need a landlord or rental dwelling policy.
3. Renters insurance: when you rent out a home, as a landlord, your insurance policy only covers the structure, but not the tenants personal possessions. It is important your tenants understand this so they can get renters insurance to cover their belongings.
photo from rifuture.org
When you make any changes to your home, weather it be additions or changing it to a rental, it is important to speak with your California home insurance agent so they can make the appropriate changes to your policy. At John E. Peakes Insurance Agency we always have our clients best interest in mind and want to make sure they are always properly covered. So call us today if you have any updates to make to one of your California Insurance polices or if you are interested in purchasing a new one. We are here to help and save you money!