You probably know that you need an adequate homeowner’s insurance policy to protect yourself and your property if you own a home. But if you own a second home or a rental property, do you know what kind of policy you need? Here’s what to look for in a policy when insuring a second or rental home.
Make Sure to Cover Your Personal Belongings
You’ll need additional coverage whether you rent your second home or not if there is any furniture, electronics, or appliances in the house. If the home is vacant, then the lack of activity could miss any issues that happen over a few month’s time. If it is being rented, then tenants can potentially damage these furnishings.
If you plan on renting your second home, even if it’s just for a few weeks out of the year, you’ll need landlord insurance. Landlord policies include liability, property damage, and loss of income insurance. Most landlord policies will also reimburse you for rent loss if your property becomes uninhabitable. If necessary, you can also get additional coverage like flood insurance to further protect your rental property.
If you’re renting out your second home, encourage your tenants to get renter’s insurance. Most states don’t require renter’s insurance by law, so it’s the tenants’ responsibility to get it themselves. If a natural disaster were to occur, you would be protected by your insurance policy for your property. However, for your tenant’s personal property to be covered, they’d need their own renter’s insurance policy.
Additional Coverage for Secondary or Rental Homes
Standard homeowners insurance policies typically cover the insurance needs of a primary residence. However, you shouldn’t get the same type of policy for a secondary or rental home. Talk to an insurance professional about your plans for the property to ensure you get all of the additional coverage you will need.
Do you need an insurance policy for your second or rental home? Give Leigh Agency a call today. We can get you the coverage you need.