- Details
- Written by: Shelly Campbell
- Category: Landlord
- Hits: 102
If you own a habitational dwelling that you rent to others, a regular homeowner’s policy will not adequately cover your property or provide for you the right liability coverage you need. Because you don’t occupy the structure, the clauses of a homeowner policy covering ‘you,’ the insured, won’t apply. You need to protect the structure against fire and other damage and unattached property that belongs to you, which you furnish for the tenants’ use. Your policy does not cover the property that belongs to the tenants.
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 amount of liability you require.
Talk to us about your options. We can tailor a policy meant for owners of rental property.