Are You Renting Your Home? How Does that Affect Your Home Owners Insurance?
If you’re a landlord and you’re renting your home, do you have the right coverage? You need to make sure you have the proper coverage on your home owners insurance.
What To Do If You Decide To Rent Your Home
If you decide you want to rent your home, the first person you should call should be your insurance agent. Guys, I can’t tell you the number of times where I’ve gotten a phone call from an existing client who initially was living in their home, but then decided to start renting out their home. And they never told me. And the only way I found out was through conversation while I had them on the phone.
If you are renting your home and you have not told your insurance company stop reading this right now and call them and let them know you are renting your home in Washington! A normal home insurance policy is not sufficient to give you the correct coverage. If you are renting out your home, whether that’s to somebody you don’t know, whether that’s to your niece and nephew, whether that’s to your children, it does not matter; If you, the primary homeowner, are not living in your home and somebody else is, you need to let your insurance company know so that they can write the correct policy.
Important Coverage To Consider
Some important coverages to consider when talking with your insurance company to properly insure your rental property would be property damage, liability costs. Liability coverage is a big one. There’s lots that could happen while you’re not there, while you’re renting out your home. And loss of rental income, which would help you if you cannot rent your home because of a covered loss that occurred on your property. An optional coverage that you may consider is vandalism. Vandalism would cover deliberate physical damage to the property. On most rental insurance policies, that’s going to be excluded. So talk to your insurance company and see if that’s an option that you can add on to the policy.
Another coverage you may consider adding is personal property coverage. Even though you don’t live there, there may be things inside the home that belong to you. And if you don’t have that coverage and something happens, they’re not going to be covered.
So bottom line guys, it’s very simple- If you own a home in Kent, Washington and you’re renting it out and your insurance company does not know you’re renting it out, you need to let them know so that they can give you the proper policy. If they don’t know and you don’t have the proper policy, when a claim happens, guess what? You’re probably not going to be happy. The insurance company isn’t going to be happy and there’s going to be problems when it comes to paying out and taking care of your claim. Nobody’s going to be happy. So let your insurance company know and you can continue being a stress-free landlord, bringing in all that money each month.