Does My Homeowners Insurance Go Up If I Rent?

  1. 1615 POINTS
    Ryan Andrew
    President, The Andrew Agency, Richmond, VA
    If you are going to rent out your home you need a Dwelling Fire policy, not a homeowners policy. Dwelling Fire policies provide coverage for the structure and liability. You can add personal property coverage but generally most of the personal belongings are the tenants so there's no need. Some companies require tenants to purchase Renters insurance so check with your insurance company before finalizing your lease.
    Answered on August 1, 2013
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    A Homeowners' Policy specifically is intended to cover homes that are the primary residence i=of the home owner and named insured.  Therefore, if you leave your house, buy or rent elsewhere and then rent your home to another party, if there is a claim at your house, that claim could be denied because you do not live there.  Your Homeowners coverage would have to be transferred to a "Dwelling Fire" form in order to maintain coverage.  Some companies offer these with Liability coverage included, others do not.  So be sure to check with your insurance professional.  Coverage for any personal property which you may own that is still at that house will need to be picked up on the new Dwelling policy because unlike a Homeowners' policy, the coverage is not automatic.
    Answered on August 1, 2013
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