Renter Occupied Home Insurance – A Must Read For Homeowners!
The best reference any insurance agency can ask for is your record.
Laizer Schonbrun, an insurance agent par excellence, works for one of the fastest growing agencies in America. He relates the following success story regarding a tenant-occupied account.
“I really felt bad for the owner of a renter-occupied home. He called us on a whim and complained about how his bank had imposed a specific insurance policy on him. Not only did the coverage seem inappropriate, but the associated premium was too high. .
“As always, I was there to help as much as I could. I went to work looking for my agency’s subscriber network and in less than a day, I found more coverage that was more appropriate in an extremely competitive quote that I accepted. thereafter, he sent the new insurance information to the bank.
“In my day-to-day experience, this was just another success for sure! For the new client, it was a day of relief and a great deal of appreciation for me and my team!”
The following information on renter-occupied housing is only a brief summary.
However, it serves to inform the public in a meaningful way.
Renter-Occupied Homes and Corresponding Insurance Options
If you own a primary residence that rents sporadically for short periods, an independent agency can screen the underwriters you work with to find a temporary rental policy. Otherwise, you will need a related rider attached to your current home insurance.
If you want to continually rent your primary residence for a short period of time to different tenants, you will probably need a business policy, such as that provided to hotels, motels.
On the other hand, if you own a vacation home or investment property that you want to rent for long periods, the owner’s policy is mandatory.
This type of policy includes the following forms of coverage:
• Physical damage coverage
• Personal property coverage (for appliances left for the tenant’s use)
• Liability coverage
Loss of rental coverage is something the landlord can also opt for. This protects you in the event that your tenant leaves and no replacement tenant is found. It also protects you from financial loss when you are unable to rent your property due to necessary repair or reconstruction work as a result of damages that are covered by your policy.
For more information on renter-occupied home insurance, speak to a professional independent agency with a reputation that tells you that the customer is the center of the deal.