Insurance Coverage For Our Family

Insurance Coverage for Our Family

Renting Your House? What To Know About Insurance

Christian Byrd

Are you planning on renting your house, it is important to know about how this affects your homeowners insurance policy. You do not want the mistake of learning you do not have proper coverage after you need to make a claim. Here is what you need to know about insurance for different types of rentals.

Long-Term House Rentals

For those planning to rent out a home for several months at a time, you'll need to reach out to your insurance agent about getting a landlord home insurance policy. This policy will provide protection for the home's structure and any of your personal property that is still in the home. For example, this includes your washer and dryer, refrigerator, or lawn mower.

The nice thing about having a landlord insurance policy is that it can help pay for lost income when you're having a home repaired. For instance, if your tenant caused a house fire, the policy would pay to repair the home and pay you for lost rent while the home was being fixed.

Short-Term House Rentals

Are you planning to rent out your home frequently on a site like Airbnb or Vacation Rental By Owner? These frequent and short rentals will not be covered with standard home insurance. Talk with your agent about what policy will be best to cover you, since it may involve getting a business insurance policy. There are policies designed for people that run businesses like bed and breakfasts that may be just what you're looking for.

However, if you plan to infrequently rent your home, it is possible that you already have coverage on your existing home insurance policy. Make sure you check the terms of your personal policy, but most give you the ability to rent a home for occasional short-term rental periods, like a single week or one weekend.

If you do not have the coverage for a short-term rental, check into purchasing an endorsement that covers both your guests and your property during the rental. It's common for endorsements to only be valid for the specific rental period, rather than being a blanket endorsement that lasts indefinitely.

Don't make the mistake of assuming you have the proper coverage before you consider renting out your home. If there is an accident while your guests are staying in your home, not having coverage can be a financial disaster that is difficult to recover from. Speak with your insurance agent for more info.


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About Me
Insurance Coverage For Our Family

After we had kids, we realized that we needed to up the ante on our insurance coverage. While we had a policy in place, I knew that we had to do something to make sure that we were protected in any instance, which wasn't the case at the time. I began talking with different brokers about what we could do to improve our coverage, and they had some really great suggestions that seemed to help. This website is here to help other people to know how to purchase insurance, and what kinds of policies would work best for your special family.

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