Renting your house is beneficial, as it helps to make some extra income. However, for renting your home, you need to make some changes to your homeowner’s insurance.
Here are the changes you need to make in your homeowner’s insurance policy and home while renting your property:
Things to Do Before Renting the Home
Your first step before renting the house is removing every valuable and personal possession. Remove every fire-prone item from your home for added safety.
Equip your house with smoke alarms and other safety features to attract a tenant. Remember to update your utility companies that you are renting your home.
Should I Change the Homeowners Insurance Policy?
Keeping home insurance in place even after renting the house will only incur expenses, so updating your homeowner insurance policy is a viable choice.
Consider buying rental policies as they are cheaper and provide coverage for the theft or loss of any valuable item, and damages to the premise.
Choose the Best Rental Home Policy
A rental home policy is ideal for covering any damage to the premises, including framing, wiring, foundation, and piping. It will cover the medical and legal costs if you are directly responsible for the injury suffered by a tenant or visitor on your property.
Make sure to buy the comprehensive rental insurance that is affordable as well as offers maximum benefits.
Switching to a New Insurance
Generally, homeowners’ insurance is likely to have a clause that terminates your existing coverage if you are renting out your property. It is essential to update the policy before a renter moves in. Otherwise, the damages to your home will not be covered.
Know everything about the homeowner’s policy before renting your house. For assistance with all your insurance needs, contact the experts at Phocus Insurance in Phoenix, Arizona. We will help you get the right coverage for your home.
