Renting Out Your Home? Use These 3 Types of Insurance to Keep Yourself Covered
Renting out your home is a great way to cover your expenses and even make a profit throughout the year. But it’s important to protect your home and yourself from various issues that may come up while tenants are renting the place out. Whether you’ll be renting out your home on a short or long-term basis, here are three types of rental property insurance that you can’t afford to be without:
- Business Insurance – If you plan to rent out your home on a short-term basis regularly throughout the year (for example, as a bed and breakfast or vacation rental) then you’ll need business insurance to cover accidents, injuries, and damage that might occur at the residence.
- Rental Dwelling Insurance – if you plan to rent your home out to the same tenants for more than six months at a time, it’s essential to have rental dwelling insurance in place to cover natural disasters and other accidents that are common in the area.
- Renter’s Insurance – Unlike the other two types of insurance listed here, renter’s insurance will cover the personal belongings of your tenants so there are no disputes to worry about in case of damage or theft.
With these insurance put into place, you can rest assured that your home, your personal assets, and your tenants’ assets are all protected from a myriad of different challenges that might come up from time to time. Don’t hesitate to contact us for more information about protecting your rental property.