Is there a specific type of Homeowner Insurance needed for my rental property?

[ROK O'Kelly]

Hey BP Fam. I own a 4BDR and 3 BR townhome that I rent out to college students. I have standard Homeowners Insurance for this property, but I'm wondering do I need a specific type of homeowners insurance since its a rental property.

[Aaliyah Carter]

Hi there, 

As a former insurance professional, you absolutely need a landlord or rental property policy for your investment property. A "home owners policy" is specifically for you as a home owner (primary or secondary residence, NOT rental properties). I would also strongly suggest that your tenants have a renters insurance to cover their belongings. There is a highly likelihood your claim could be denied, if the property is not properly insured (leaving you with the financial responsibility and at risk for a possible lawsuit). Rental property insurance will protect you and renters insurance will cover your tenants. You can check out consumer reports for the best, affordable and reliable insurance companies. Happy Hunting!