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| *Loan,banking and credit>>>homeowner insurance |
Homeowner renting out house... need insurance? |
If you are a homeowner and rented out your house, are you required to have any kind of insurance on the rented house? (Please only answer if you actually know the answer, or can share your personal experience in that regard, Thanks) Whether or not it is a requirement is determined by your local municipality. I recently rented out my home and my county had a licensing requirement (granted for a 2-yr period) and fee, that involved an inspector coming out and checking for smoke detectors, property condition, etc. I believe they required that the property be insured. It is HIGHLY recommended however. You definitely want to increase your liability insurance to the highest amount that the ins. company will grant. In our case, the insurance company required us to switch from their homeowner's policy to another type of policy for rental property. We raised our liability limits due to the fact that the property would be solely occupied by "strangers". Also, we have a property mgt co. handling the property and THEY required insurance before they would take on the responsibility. Absolutely. First of all your lender will require it .. Secondly, why would you not want to insure your investment. You need to carry insurance for the structure; not the tenants contents ... but you will also want liability insurance in case a section of the roof falls on homebody's head, etc. If you still have a mortgage to pay,then you must have insurance. Yes you do. You need homeowners insurance and the renters need renters insurance. If something happens then your house and property are covered but the renters belongings are not covered under your homeowners policy. They have to get seperate renters insurance that covers their belongings only. Most Definitely. Your insurance is on the house, property etc. (If you have a mortgage it is mandatory) If a renter decides to get renters insurance (and it is not mandatory) then it covers his belongings in the house only. yes and you must inform the insurance company that the property is being rented. If you own the house outright you would not need homeowners insurance, but if you have a mortgage on it most lending companies require it. I would still keep insurance on the home regardless, but remove insurance for contents and the like, that way if your house burns down you will still get the value of the home. |
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