Home Insurance For Rental Property

​Whether you're renting out your home or not, it's important to be proactive about protecting the home that you live in. In this article, you'll find helpful information on what homeowners insurance covers and what renters insurance covers.

Homeowners insurance: What is it?
Homeowners insurance is the kind of property insurance that covers a private residence. It comprises a variety of personal insurance policies, such as losses to one's home, its contents, loss of usage (expenses for other living quarters), or loss of other priceless assets inside the home.

Who Needs a Homeowners Policy?
As a homeowner, you must insure your home against hazards such as fire, theft, and others. But what if you're renting out your house? Do you still need homeowners insurance?

The answer is yes. Even if you're not living in the house, you're still responsible for its condition. You can be held responsible if something bad happens to the residence while it is being rented. That's why insurance is important even if you're not living in it yourself.

Who Will Be Responsible For Maintenance And Repair If I Rent Out My House?
Typically, the landlord is responsible for maintaining the property and making any necessary repairs. However, there might be circumstances where the renter is responsible for quick fixes or maintenance jobs.

Home insurance usually covers damage caused by fires, storms, and other natural disasters. It's important to read your policy carefully to see what is and isn't covered. For instance, certain policies might not pay for damage from earthquakes or floods.

If you're renting out your house, it's also a good idea to require your tenants to get renters insurance. It will protect their belongings in case of any damage or theft. And, if they cause any damage to the property, their insurance policy will likely cover it. Requiring renters insurance is a good way to protect yourself from any potential liability issues that could arise. 
Overall, it's a good idea to have home insurance even if you're renting out.

Conclusion
Having home insurance, you will be protected against any damages that may occur to your property due to your tenants. In addition, should your tenants cause any damage to their belongings, your home insurance policy will cover the cost of repairs. Ultimately, home insurance provides peace of mind and protection for you and your tenants.

At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!