I just rented my home out and moved. Should I change my insurance policy?

Question

Do I need to convert to a rental policy or is this necessary and if so should I expect to pay more for my homeowners than I do currently, as when I was living in the house?

Answer 1

Yes, call your insurance agent and they will change your policy. The cost is probably about the same (vacant properties cost alot more, but you have a tenant so this isn't a big deal) but your current company may not handle rentals (or may charge to much) so you may have to look around a bit to find a good comapny.

Answer 2

Yes, you need to change your policy from a homeowners to a dwelling fire policy.

Likely, there won't be a significant price difference. Actually, with a rental house, you don't insure the contents normally, so a lot of times it's actually LESS money.

Answer 3

Change your insurance. You will still insure the building but not your contents unless you want to insure any appliances but replacing appliances is usually cheaper than the insurance. When you insure where you are now, ask them to include liability insurance for your rental property. It's a pitance and better to be covered. Also get a very good lease that covers all the bases in your state including a clause requesting your tenants to obtain their own insurance. Good luck--renting can make you want to tear your hair out so try to remember it's just like having another job and your paycheck is equity. You'll appreciate that much more down the line, plus you can get a write off on your taxes some times.

Answer 4

As stated, you need to notify your insurer. This is a different use for the property, and requires different coverages.

Answer 5

You actually need to convert it to a landlord policy.

Answer 6

If you don't live in the home anymore, then it is not your homestead. Your must let your insurance co. know this.

Answer 7

contact your insurance company, should cost less because you are not insuring the contents anymore, just the structure