Homeowners or Renters Insurance? Which To Choose If You Rent out Your Home.

With the warmer months approaching, chances are you may be looking to rent out your winter home, as you soak up the rays in your family’s summer vacation spot. Although you are surely excited to leave the colder New York climate behind, you absolutely have insurance options to think about when you consider renting your home to others. You may have assumed that rental property owners have special insurance needs. You probably have a standard homeowners policy on your house- but if you are considering renting it out, your homeowners policy may not be appropriate for your unique needs.

When renting out your home, take the time to explore your insurance options. As you might have guessed, rental property owners have some unique insurance needs. A standard homeowners policy is not appropriate for all rental property for several reasons…

1. There is no need to insure the contents of your home- unless it is furnished.
2. As a landlord, you need more liability protection.
3. If you depend on the income you receive from your rental property, you need to protect yourself if it abruptly disappears. Your tenant may purchase renters insurance, but it does not extend to you as the owner of the property.

If you are confused about whether to keep your homeowners insurance or purchase a rental policy, discussing your options with an insurance agent can save you big money. Bruce Whiting wants to be your agent. Visit our Virtual Insurance Office to learn more about your options or to get a free homeowners insurance or renters insurance quote right now!.