If you’re thinking about turning your property into a rental, there are a few things you need to do to prepare it. Insurance is one of the things that needs your attention. Today, we’re sharing some tips and advice on how to change your insurance when you’re renting your property out to tenants.
Switching to a Landlord Policy
When you turn your property into a rental, call your insurance agent and let them know your plans. Your insurance agent should guide you in the right direction. To start, you’ll need a landlord policy. Make sure you’re covered for any possible risk that comes with renting out your property.
Coverage Your Policy Needs to Include
Late rent and possible eviction is inevitable; ask about eviction protection coverage. You’ll also want to be sure your landlord policy includes coverage for loss of rent. If there is damage at your home, and the tenant has to move out, you’re not going to collect any rent. Loss of rent insurance will protect your income. Replacement costs are also important to consider when you’re choosing the amount of your insurance policy.
Requiring Your Tenants to Carry Renter’s Insurance
In addition to your own insurance policy, you need to think about your tenants. A landlord policy will generally not cover the property and possessions of your tenant. Make sure your tenant has renter’s insurance, and get a copy of that insurance policy before you let someone move in.
We are not licensed insurance agents, and we cannot give you all the information you need when it comes to insurance your rental property. But, these are some of the tips we give to the landlords working with us.
If you have any questions about renting out your home or you need help with San Ramon property management, please contact us at Windsor Pacific Property Management. We serve San Ramon, Danville, Dublin, Pleasanton, and surrounding areas.