Homeowner's Insurance Changes: Renting Your Home

If you are interested in renting your home in which you have or had been living, one of the most important things that you can do is change your homeowner's insurance policy. Here are the basics of what you need to know about changing your policy so that you can rent out the property.

Landlord Policy

When you are thinking about doing this, you need to call your insurance company and let them know that you want to change your homeowner's insurance policy to a landlord policy. This is a type of insurance policy that will cover basic damage to the structure of the house, but it will not cover the contents of the house. Therefore, if you have a fire or a flood, the insurance company will pay a certain percentage of the damage to the property. Your tenants will have to get renters' insurance if they want their personal belongings to be covered.

Policy Issues

When you change your policy, you need to talk to your insurance agent about the coverage options that you have. You may be able to increase or lower the deductible depending on your financial needs, which will also change the premiums. You need to make sure that you understand your coverage limits as well.

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