Looking to rent out my second house, what kind of insurance?

[Dan Graney]

Question on behalf of my daughter. 

I own my own home and am currently am living elsewhere. Looking to rent it out but am a total newbie to land lording and have many questions. 

I have my own homeowners insurance. Would I need additional insurance to cover tenants.

[Daniel Kenney]

Note - I'm not an insurance expert.  You should let your insurance company know it will be used as a rental as there is additional coverage that can be a part of a rental property such as lost rent reimbursement.  Also, getting into the world of land lording brings you into a whole new world in terms of potential liability.  There are many previous discussions from the forums and blog articles written about umbrella policies, LLCs, asset protection, etc.  Podcast 109 has some great stuff on asset protection and if you are serious about this land lording thing you should definitely speak to a lawyer.

Hope that helps and good luck!