Your Homeowners Insurance May Not Be Appropriate For Renters

Renting out your home has become quite popular. Many people think finding a renter who will pay and act accordingly is the only problem, however, you must ensure that your insurance will cover losses incurred while tenants are in your home. Often your existing homeowners insurance will not.

The Insurance Information Institute recommends short-term rental insurance for your primary home and long-term rental insurance for a secondary home when you have renters. Of course, the insurance that will be a good fit for you will depend on your rental situation. For instance, if you are only considering renting out your home for a few weeks or a few days out of the month on a short-term basis, then you must inquire with your insurance company if they offer short-term rental insurance for your primary residence. Renting out your home over a long-term for a few days may require commercial insurance on your home.  

Regardless of the rental scenario, you must first have a thorough conversation with an insurance agent at North American Advantage Insurance Services to ensure that you are covered. Your due diligence is required to ensure you have the appropriate renters insurance.