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What insurance for a rental home?

 

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Question:

What kind of insurance do I need to buy for my SFR?
I plan to rent the house out.

Answer:

As a landlord, you do not need to insure the property inside the building (personal property). You only need to insure the structure itself. This saves you money.
However, several insurances consider the fact that it is not owner-occupied as a slightly higher risk, thus offsetting the savings from not insuring personal property.

Also, if the house is vacant for a while, and maybe you do some renovating during that time, you need to let the insurance know. Or tell them that you - the owner - personally will live in there for the time of renovation. Otherwise the insurance will sell you a "builder/construction insurance policy", and these are MUCH more expensive (my past quotes were 2-5 times as much as a regular policy).

In this situation (vacant unit) you can get away with a regular policy, but you have to state that house is occupied. If something happens, your insurance company may pay, and they may very well get away with it!


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