Renting Out Your House? Make Sure You Are Protected

Renting Out Your House? Make Sure You Are Protected

Home Rental Insurance

Renting out your home is a great way to make some extra cash while you are out of town. No matter if you are only going to be gone for a week, or if you have a second house that you are planning on renting out, it is important to take the time to figure out what your rental means for your home insurance policy.

If you are only planning on renting out your house for a short term, your existing homeowners insurance policy may be able to provide coverage. Your insurance company may require that you invest in an endorsement to provide any additional coverage that you need. If you are renting out your home for short period of time but on a regular basis, you will most likely need more coverage. You may have to invest in a business insurance policy, specifically a bed and breakfast or hotel policy to protect all of your assets.

If you are renting out a second home or your primary residence for a long period of time, you will need to invest in a landlord insurance policy. Landlord insurance will typically cost 25 percent more than your standard home insurance policy since the policy will provide additional coverage. When renting out your home, you should also make sure that your tenants have renter’s insurance to protect all of their belongings in case of any disaster. Renter’s insurance will also provide a limited amount of liability insurance that will protect your tenants in case of injury on the property.

For all of your home renters insurance needs, contact the insurance experts at Steve Wilk Insurance Agency in Lombard, Illinois. We will work with you to make sure that you have the protection that you deserve, all at the right price to fit your budget.