Do You Need Specialized Insurance to Rent Out Your Home?

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Do You Need Specialized Insurance to Rent Out
Your Home?
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• Renting out your home may seem like a welcome
  prospect, but whether you do so on a short or
  long-term basis, youll probably need a more
  specialized insurance policy to ensure that you
  and your property, are adequately protected.
  While a lot may depend upon your specific rental
  scenario, generally, a standard homeowners
  policy does not give you adequate coverage.
• If youre thinking about renting out your home,
  or even just one room within your home, you
  should schedule an appointment to talk to an
  insurance professional about the right kind of
  insurance policy. However, the following
  information should give you something to consider
  before you take that step

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• Insurance scenarios for short term/primary
  residence rentals
• There are usually two applicable insurance
  scenarios if youre planning to rent out all, or
  part of your home on a temporary or short-term
  basis
• Short term rental policy
• Some, but not all, insurance providers may allow
  short term rental to be covered under an existing
  homeowners policy, but prior notice must have
  been given, and some will require an endorsement
  to the existing policy to be put in place.

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• Business policy
• Regularly renting your primary residence for
  short periods of time constitutes a business, and
  as such, youd need to acquire a business policy
  to ensure you were adequately covered.
• Insurance scenarios for long-term rentals or
  second home
• If you plan to lease your home to anyone on a
  long-term basis, you will probably need to
  purchase a landlord or rental dwelling policy.
  While these policies typically cost more than a
  standard homeowners policy, they are essential
  for

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• long-term rentals and regular renting out of a
  vacation home or investment property dont have
  them, and you simply wont be insured for
  physical damage to the structure of the home
  caused by any number of listed perils, or for
  personal property you may leave on-site for
  maintenance purposes or tenant use. Landlord
  policies invariably include liability coverage,
  too, meaning that if a tenant or guest is injured
  while on the property, the legal fees and any
  medical expenses incurred, would be covered.
• Its important to note that most landlord
  policies also provide coverage in the event that
  youre not able to rent out the property while
  its being repaired or rebuilt due to damage from
  a listed loss.

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• For more detailed guidance about renting out your
  property and getting adequate coverage through a
  landlords insurance policy, talk to a
  professional insurance agency in your area. With
  specialist knowledge of local markets and
  renters regulations, theyre in the best place
  to give you the most up-to-date and accurate
  advice not only that, but they might be able to
  save you some money, too.

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• We Insure Miami was founded on the principle that
  every individual and business, big and small, has
  assets and valuables that need to be protected
  and insured against forces outside of our
  control. We offer Auto, business and homeowners
  insurance in Miami FL. Our agents understand that
  you work hard every day to protect your car,
  home, business and family. WE are passionate
  about Insurance and passionate about serving you.
  If you are looking for auto or business or home
  insurance in Miami FL, contact us for a quote or
  a complimentary review of your insurance policies.