If you own a home in California, you most likely took the time to carefully pick the best homeowner’s insurance to get the right amount of coverage you need. However, if you own rental property or rent out part of your home, you may be wondering if your standard homeowner’s insurance will cover rental property you own. This question comes up frequently with home owner’s in California. Here are the facts you need to know when it comes to this type of insurance situation.
Do I Have Enough Homeowner’s Insurance Coverage?
If you are renting out part of your home, or have separate rental property, standard homeowner’s insurance policies typically do not cover these. You will need to talk to your homeowner’s insurance provider to most likely add-on additional coverage that is needed.
Is Your Property Considered a Rental Property?
Depending on your insurance provider’s rules, your rental space may not be considered a rental property. Each provider will have different rules for different rental situations. Make sure you contact your insurance company to verify your coverage and your rental situation.
Do I Need Landlord’s Insurance?
Depending on how much property you have for rent, such as multiple houses you own, you should consider getting Landlord Insurance, since you will most likely not be covered by homeowner’s insurance alone. Landlord insurance has specific coverage made for people who own multiple rental properties and these policies typically cover different situations, losses, and damages than a standard homeowner’s insurance policy. In addition, you can require your tenants to have renter’s insurance to get additional coverage for the tenants that live at the property itself.
If you rent part of your home or own multiple houses you rent out, you should re-evaluate your insurance coverage plans. Our homeowner’s insurance experts can answer any questions you have to make sure you are getting the coverage you need at a good price. Contact us today at 877-945-7233.