When you purchase a home insurance policy, you are taking steps to protect the structure and the surrounding land from unexpected situations. Renting out your property is a risk that often requires additional protection in case you face neglect or damages from the tenant’s actions. In many cases, your policy will not cover negligence, even if it was due to a tenant’s behaviors.
What is Covered
Usually, a home insurance policy will protect your property against sudden and unexpected situations. For example, a fire or damage from a storm, may be covered in your policy. The sudden situations are often beyond your personal control, so you are usually covered for those situations.
Coverage will also pay for liability concerns, such as a neighbor falling down your stairs or tripping on the walkway to your door. The insurance will usually help pay for the medical bills associated with the accidents.
Neglect and Coverage
Most insurance providers will not pay for any damages that are related to neglect. For example, mold growth that damages the structure of the building because it has been left for a long period of time or damages from poor maintenance may not be covered.
When you are renting out your property, it is usually best to purchase a policy that is designed for landlords rather than homeowners. The coverage still protects your property, but it will also protect against the poor behavior of tenants who may damage the property.
There are a variety of concerns that may arise when you rent out your property. As a result, it is usually best to talk to your insurance provider about the situation before you determine that a policy is appropriate for your goals. Contact us to talk to an agent for more details.