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Whether you’re renting out your entire home or simply renting out a room or two, becoming a landlord can have its perks. For starters, it’s a great way of earning extra income while putting otherwise vacant properties and unused rooms to good use. As a responsible Wayzata, MN homeowner, chances are you already have your home covered with a homeowners insurance policy. However, you may be wondering if it protects your home while it’s being used as a rental property.
It Depends on the Rental Situation
Pizano Insurance knows that not every insurance policy is the same. While your homeowner’s insurance covers a broad range of situations, said coverage may differ when it comes to using your home as a long-term rental property.
If you’re currently living in your home and occasionally rent out a spare room for short periods, you can still rely on your homeowner’s insurance to cover property damage. However, the extent of your coverage may depend on the number of current renters and the length of the rental itself. Some insurance providers limit coverage to occasional weekend rentals while others require an endorsement before authorizing coverage under these conditions.
If you have a second home you plan on renting out long-term, however, you’ll need landlord insurance. A landlord policy provides similar coverage as a traditional homeowners policy – in addition to coverage for property damage caused by wind, fire and other named perils, you’ll also get coverage for personal property left behind for maintenance and upkeep. Appliances and other property used by tenants may also be covered.
Having the right insurance for your Wayzata, MN home is crucial no matter how you plan on using your dwelling. The experts at Pizano Insurance can help you choose the right coverage for your situation.