Responsible homeownership requires you to take stock of risks and exposures, particularly when allowing others to live in a home you own. When renting out your home, you should generally ensure you have insurance that includes coverage for the following:
- Buildings—This may include the primary dwelling and outlying structures, such as garages and sheds.
- Possessions—This may cover equipment and furniture left at the home.
- Liabilities—If a tenant is injured or otherwise suffers losses for which you are at fault, this may help limit financial consequences.
- Lost income—If your rental cannot collect rent, this part of your insurance can compensate you.
The right insurance for renting out your home may vary depending on your location, the type of residence you own (e.g., condo or house) and how long tenants typically stay. Standard home insurance may not be sufficient in all cases. Contact us today to learn more about your options.
This newsletter is intended for informational use only. © 2024 Zywave, Inc. All rights reserved.
