What's the difference between home & rental property insurance?
A standard home insurance policy does not provide proper protection for renting it out to others. Rental property insurance also makes sure you have coverage for loss of rental income in case there’s a fire and your tenants can’t live there as a result.
Why do my tenants need their own insurance policy?
Your tenants will need their own insurance policy to ensure damage to their own personal belongings are covered since they aren’t protected under your landlord insurance policy. It also ensures that they have third party liability coverage for if they are found legally responsible for any property damage or bodily injury. It’s suggested that as the landlord, you ask your tenants to carry their own insurance as part of their lease agreement.
Does rental property insurance cover short term rentals?
Many standard policies do not provide protection for short-term rentals, like listing your home on AirBnb or similar home-sharing programs. It’s best to speak with a broker to see what options are available to you and to ensure proper coverage for your investment property.
Questions? Let us help you.
Speak with a broker to learn more about rental property insurance.613-526-1184