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Many people think as long as they have insurance on their home, they are fine if they move out and rent the home or let a relative live there.

The kind of insurance you have on the home where you live is homeowner’s insurance. It is specifically for a home that is occupied by the owner of that home. If the owner is not living there, you need insurance for a rental property (even if it is your child that is living there and you aren’t charging them rent.) If no one is living there you can get insurance for a vacant home.

A rental property policy covers the building itself, liability and any contents you have in the home (appliances and/or any furniture you may leave in the house.)

If your home suffers a covered loss and your tenant cannot live in the home during the repairs, your insurance can pay you fair rental value for up to 12 months (24 months if you get an extra endorsement.)

While your rental property policy will cover appliances and furniture that belong to you, it will not cover items that belong to your tenant. It is a good idea to require your tenant to have renter’s insurance and have you listed as additional insured. We recommend that this requirement be in the lease. This endorsement does not cost the renter any extra. Being listed as additional insured provides extra protection for you and will allow you to be notified if they cancel their insurance.

The Agent Insurance Services | (330) 758-3339

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