Profile picture for tessy9443

do you have to change your home owner insurance when you rent your home

  • February 17 2010 - Sanford
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Answers (13)

your insurance company is going to demand you let them know you are renting the property the actual insurance may go down cause the renters belongings will not be covered.
  • March 11 2011
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You should definitiely contact your insurance agent should you decide to rent out your home. Rates will vary from carrier to carrier. You should also encourage your tenant to carry enough renter's insurance to cover their personal property.
  • March 11 2011
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Profile picture for dtulips118
Contact Farmers Ins.
  • February 20 2011
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Profile picture for shasta_steve
In my case my insurance doubled.  Some of it was because I did not live close to my rental and I was not using a professional RE manager.  Only a few companies would even sell me insurance.   Some of it was also because the insurance company was very strict about rebuilding costs.  The made me insure the house for about 150k more than you could buy the house and land for.   I know it would cost much more to rebuild but they still figured very high to make sure they were completely covered. 
  • December 14 2010
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Yes, you should contact your insurance agent, rental property insurance is different compared to owner occupied.   In our case, the premium went up because of the coverage that we have.
  • December 14 2010
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That depends on the coverage you currently have but, odds are, you will want to make some adjustments. You may want to have a chat with your insurance agent about it.
  • December 07 2010
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Profile picture for JDERP
Yes. You need to change your policy if it's currently being rented. Your rate will decrease as you're only insuring the dwelling. The renters need to purchase their own insurance for the contents.
  • December 06 2010
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Profile picture for Kay Schatz
Yes. Contact your insurance agent.  You want to cover your interest in the property. The renter would need to obtain renters insurance to cover themselves for their personal property in case of loss.  Your agent would adjust this accordingly. You are not be responsible for their personal property loss, but must be structered as such within your policy.  Protect yourself.
  • December 04 2010
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Profile picture for stenel4
Yes, You should, it will be cheaper for one reason the biggest is because you are only covering the dwelling and not the contents.   
  • December 04 2010
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Profile picture for rentlawcom
Yes. Talk to your local insurance agent.

Rates vary based on coverage.

An umbrella policy extends coverage and adds another layer of protection.

Avoid tenants with dogs - policies may be higher.

Landlords Insurance - check out RentLaw.com The National Landlord Tenant Guide to Landlords Insurance.

Great information there
  • August 03 2010
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Profile picture for sunnyview
Yes you should change it. Your new policy will probably not be more expensive, but the coverage will be structured differently. You also may want to look into an umbrella policy for an extra $100-200 year to cover your other assets in case a renters guest gets hurt on your property. Talk to your agent so they can lay out the most cost effective coverage for you as an off site owner.
  • February 17 2010
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Profile picture for Mark LeMenager
Yes, the is an absolute must.  If you do not and they find out they can cancel your policy.
  • February 17 2010
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You need to contact your insurance company, in most cases, the insurance will be less expensive for a rental than a primary residence, depending on the type of home you own and the location.
  • February 17 2010
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