You’ve made the decision to rent out your home. Whether it’s because you will be gone for an extended period of time or you have bought a new one, this is a big decision. But just because you no longer live there, doesn’t mean you no longer need insurance on the property.
Points to remember when you rent out your home
- Ask for references from potential renters, especially those that will stay for a while.
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
- Request a security deposit that is to be refunded if there is no damage to your home.
- Advise your agent that you plan to rent out your home and ask about how this may affect your current coverage.
- Consider hiring a property manager to look out for your home if you are renting for a long period of time.
- Set aside a secure place in your home to store personal items, such as clothing and valuables.
- Take pictures of all areas of your home before the rental takes place in case damage occurs while you are away.
- Have your mail forwarded or held until you return.
- Provide your contact information to both the renters and your neighbors in case of an emergency.
When a renter purchases renters insurance that only covers their personal belongings. You, the property owner, still need to cover the property. Liability coverage is also available for you to purchase you in the event someone would get injured.
When you decide to rent out your home, your #1 priority is protecting yourself. Do you need help making sure your coverage is enough? Give us a call today