Homeowners vs Landlord Rental Insurance Policy
That time when you're moving and need to rent your home. Often times I hear a customer or landlord say they will just keep the home policy they have instead of a landlord policy. This happens because the owner is worried they don't have time. I have even heard the myth of the mortgage company will get wind of the primary home going rental. Why have a landlord dwelling policy? Most of these are designed to switch the personal property coverage for landlord rents in case a major claim causes the tenant to move out. While the repairs are going on and the mortgage needs to be paid, Mr. landlord can get paid for lost rent. Remember the golden rule of landlording. Collect the rent! The other reason to switch from a home policy to landlord rental is your insurance company may deny a claim if you are not the primary anymore. Insurance companies feel more comfortable when they know the current risk potential in their portfolio. Check your current landlord policy and see what is covered. Maybe ring your agent up to ask a few details.
