An Important Detail to Consider When Renting Your Home
When you want to move but your house does not sell, you may consider renting your home to a tenant. This can be a good short-term option but it can also come with many complications. Finding a qualified tenant, making the property safe, operating within the bounds of the law - all of these are important considerations.
But there is one detail that is often overlooked when offering a home for rent, and that is the possible need to modify your homeowner's insurance.
The policy that your insurance company issues to you as the owner-occupant of your home will likely be different from the policy the company issues for your property when it is leased to a tenant. In fact, if you neglect to contact your insurance company about the fact that you are renting your home, your insurance coverage may in fact not cover you as you think. Your insurance policy may not cover the home if it is rented, and this can create problems for you.
Before you rent your home to a tenant, be sure to contact your insurance company and find out if you need to modify your homeowner's insurance policy. This one step will protect you as you try to move forward with your plans.
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Kathryn Acciari, Brand Ambassador
Century 21 Real Estate LLC
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Madison NJ 07940
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Blog: Real Estate Blog