What kind of insurance do I need when I rent out my house to a tenant?

Answer 1

If you still owe on the mortgage, I believe you are required to retain full coverage., personal propert optional (did you leave anything there? fridge? stove?) If the house is already paid for, you can retain minimum coverage. In both instances, insist that your tenant carry renters insurance and make hem show proof. They need to resubmit proof of renters insurance everytime the policy expires. As the landlord, you can request that the insurance company provide you with notices of cancellation. Also, don't forget to put in the rental contract that tenant is required to carry this insurance.

Answer 2

Call the insurance company that holds your policy and find out. It's a good idea to do that anyways, make sure that they know you won't be the one living there for a while.

For sure you should make the tenants, whoever they are (even if they are family) purchase renter's insurance, and be sure you are very specific in your lease agreement (again, even with family) as to certain terms, like no pets, no alcoholic beverages, no smoking, etc.etc. You want to have all the aspects covered in case disaster happens.

Answer 3

I'm not 100% on the title of it, but you do need to let your insurance agancy know that it is a rental property and that you are not living in it. It is up to the renters to get rental insurance, for contents, but if it burns or has environmental damage you need to be insured as a home owner

Answer 4

You could always require that your tenant get renter's insurance.