I have aspirations to turn my personal property into a rental property. What kind of policy do I need to suit these needs?

You will definitely need to change your policy and your new policy will have three major changes. First, the new policy will not cover contents coverage unless you are planning on furnishing the unit for your tenants. Next, liability issues will be more of a concern to protect you from injuries/accidents that occur on your property. And finally, you will need to be protected from the loss of rental income in the event your tenants are forced to leave because the home is damaged due to a covered peril.

There are multiple rental policies available, but take caution as you search for the one that is right for you and your future tenants. You should go into your policy search knowing the materials you plan to supply in the property and have knowledge about Liability and Medical Payment options, just in case any accidents or injuries occur on your property. Your agent has a wealth of information available for you to make this transition less daunting, so contact your agent and your stresses should ease greatly.


Disclaimer: Information found on this webpage is intended for general use only and does not in any way guarantee or exclude coverage for a specific policyholder. This information is not intended as a substitute for professional advice. Please refer to your insurance policy for specific coverage and exclusion information.