Rental Property Insurance

Get answers about rental property insurance.

As more home owners dive into home rental businesses questions of insurance have come up. If you are renting out your home on a one time, or weekend basis than your basic homeowner’s insurance policy should be adequate. If you are turning your home into a rental business than you many need more of a business rental insurance policy. If you are renting on a longer scale than a Landlord’s policy and cost about 25% more than a regular home owners policy. If you are a landlord you need to be aware that this type of policy does not protect your renter’s belongings. They will need a renter’s policy for that.

 

Key Takeaways:

 

    • As companies like Airbnb become more mainstream and popular, the more people need to be aware that insurances may be needed.

 

    • Short term rentals may be fine for your homeowners policy but it is good to check, You may need to purchase an endorsement policy.

 

    • If you are renting out your home regularly that means you are running a business and they does not qualify under a home owners policy. For long term rentals you will need a landlord policy.

 

 

“For short-term rentals, like a weekend or week-long stay, a homeowners or renters insurance policy might be enough coverage, as long as you let your insurance company know you’re renting your home. However, some providers will require you to purchase an endorsement policy to extend your coverage.”

Get answers about rental property insurance.

Read more: https://www.bankrate.com/insurance/homeowners-insurance/rental-property-insurance/

Image by Paul Brennan from Pixabay

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