If you’re considering renting out part or all of your Pomona, CA, home, it’s crucial to understand how this decision impacts your home insurance coverage. You may need to upgrade your current policy or purchase a new one to ensure your property and tenants are adequately protected.
Insuring Owner-Occupied Properties
If you plan to continue living on the property while renting out a portion of it, you can likely keep your home insurance policy. However, you’ll typically need to add an endorsement to your policy, so it’s important to discuss this with your insurance agent. This option is ideal for homeowners with duplexes or houses that include separate apartments.
Do You Need Landlord Insurance?
If you’re renting out an entire building with one or more units, you’ll likely need to replace your home insurance policy with landlord insurance. The exception is that some insurers may allow you to cover certain short-term rentals by adding an endorsement to your home insurance policy. This is suitable if you only rent out your property occasionally.
Landlord insurance primarily covers the building and liability. It can protect you if a tenant suffers accidental injuries or files a lawsuit against you for unlawful eviction. However, it typically does not cover tenants’ personal belongings. Tenants should purchase their own renters’ insurance policies to protect their possessions.
Contact THINK Insurance & Financial Services for Assistance
THINK Insurance & Financial Services can help ensure you have the right coverage for your rental property. We take the time to understand your specific property and rental plans. As an independent agency, we offer a wide range of coverage options to meet your needs. To get started, contact the THINK Insurance & Financial Services office in Pomona, CA, by calling 855-484-4654 today.
Recent Comments