Landlord coverageTurning your house into a rental property is a big step. And one that changes your insurance needs. You’re insuring the same dwelling. But the focus of your coverage changes.  If you’ve recently become a landlord, or if you’ve been a landlord for many years, you need to know and understand landlord insurance.

Homeowner insurance policies cover your personal liability. Your homeowner policy focuses on protecting you against the loss of your use of your home and the loss of your personal property.

Landlord insurance policies cover premises liability. A landlord insurance policy covers the loss of rental income if your tenants are unable to live in the property. A landlord insurance policy also covers damage to the property itself.

Thinking of renting your home on a short-term basis through VRBO or Airbnb? Be sure to let your insurance agent know and make sure you have a short-term rental endorsement on your policy.

It’s important to carry an adequate amount of liability insurance on your landlord policy because you’re more like to be sued as a landlord. But Most landlords keep only a minimal amount of personal property on site, especially if the property is unfurnished. So, personal property coverage is an area where you may be again to reduce your coverage.

Let me repeat what I said at the outset: Becoming a landlord is a big step. Make sure you’re working with someone who can give you knowledgeable advice. I can help. 303-922-1001.