- Details
- Written by: Shelly Campbell
- Category: Landlord
- Hits: 1220
A regular homeowner’s policy will not adequately cover your property or provide for you the proper liability coverage you need if you own a habitational dwelling that you rent to others. Because you don’t occupy the structure, the homeowner policy clauses covering ‘you,’ the insured, won’t apply. It is the landlord’s responsibility to protect the building against fire and other damage and unattached property that belongs to you, which you furnish for the tenants’ use. Your policy would not cover the property that belongs to the tenants. That’s their responsibility.
It’s a good idea to require the tenants to buy renters insurance to make them responsible for the damage they may cause to your building or a loss that originates on your property that spreads to others, at least as a first line of defense against lawsuits from joining property. No one wants to be left homeless because they can’t pay you rent for a property they can’t occupy until it gets fixed. We can even name you in their policy to ensure it stays in force and has the liability you require. The company will notify you of a policy cancellation.
Talk to us about your options. We tailor policies meant for owners of rental property.