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| *Loan,banking and credit>>>homeowner insurance |
Do you need to change homeowners insurance if you rent your house out? |
We are moving to New Mexico this june and renting the house that we own. I know that as a renter you can get insurance above and beyond your landlords that will protect your personal belongings, but I wonder if we need to change our home owners insurance for our renters. Does anyone know, or know who would?? Thanks so much! I rent a house and the homeowner's insurance does not cover our personal belongings. The landlord made it clear that we needed to get renter's insurance if we wanted our personal things covered. Yes, you get a Landlord's policy which usually only protects you from fire. If you try to keep the Homeowners on the house and there is a problem the insurance company will not pay. Yes you must notify your insurance company as to the use of your house. There is assumed risk that your are not the principal living in the house. They assume that the renters would not be as responsible as the homeowner. There is rental insurance for Landlords to cover the exterior of the building and limited coverage for some items inside. Check out Geico. NO! you need to protect your property against WILLFUL damage, and ALL related claims against ANY damage that cuold occur, they need their own insurance, etc etc. You don't have to necessarily change your insurance but you do need to notify you insurance company that the property is now a rental,because there may be some slight changes they need to make to your policy.Another thing to look at is the type of loan you have if it is a FHA loan there are several things that will change,not to mention your taxes and filing status.Save all receipts for everything to do with the house.One more thing request the tenants get renters insurance before moving in.Hope this helps. I don't think people here can read, as most don't seem to understand or comprehend what you are asking. No, you don't need to change your insurance company if you rent out your home, HOWEVER, you MUST inform them that you will now be renting out the house to another party. In addition, you must tell your tenant (in writing) that they need to secure renter's insurance to protect their own belongings, as your insurance will not cover them in the event of a loss. |
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