If I Rent My House Will My Homeowners' Insurance Pay for the Damages the Renters Did?
Homeowners' insurance provides a certain amount of protection for your property. However, you usually need another kind of insurance if you rent your house to tenants because being a landlord carries a different set of risks. A landlord's insurance usually pays for damages that your renters do to the property.
Insufficient Coverage
A homeowner's insurance is usually not sufficient to cover a rental property. Your insurer may require that you take out a special landlord's insurance. If you only have a homeowner's insurance and you rent out the property, your insurer may refuse to cover any losses. Insurers consider rental properties to be more risky because owners usually take better care of insured properties. Renters may cause more damage, which the insurer has to cover.
Landlord's Insurance and Damages
Under a landlord's insurance scheme, you can usually claim insurance payment if your tenants damage the rental property and you need to repair or replace the building structure. This insurance covers both the main dwelling structure and detached structures, such as a fence or tool shed. The landlord's insurance also protects you against liability from injuries and property damages that occur in the rental property. If any event renders your rental property uninhabitable (for example if a natural disaster occurs), the insurance also pays you the rental income you lose during the period.
Landlord's Insurance Cost
Renting out your property turns you into an investor. Because of the higher risks involved, you may have to pay more for landlord's insurance. According to MSN Real Estate, the average landlord's insurance costs about 25 percent more than the typical homeowner's policy. You should take this expense into consideration when you calculate the pros and cons of renting out your property.
Considerations
Your landlord's insurance covers any unexpected expenses you may have to pay during your renters' tenancy, including any damages the renters cause. However, you may have to provide proof that your renters indeed caused the damages. Such proof can take the form of a signed and dated inspection list detailing the conditions of the property at the time the renters move in. You can also attach photos to the document.
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