Landlord Insurance Question

[Steve Maye]

I have moved and bought a new home. I am going to be renting my previous home out. I need insurance. I have homeowners on my new home, so I called them about insuring the rental property. They are offering something that appears to be an extension of my homeowners policy to cover the rental. A Dwelling Fire Quote. The price seems high to me. It is about 25% higher than what I paid for homeowners on it when I lived in it.

In trying to find the best solution I have read on the internet about other ways to insure rentals and have come up with a Landlord Policy. Now I am really confused.

I just want to cover the home and cover my liability in the event someone gets hurt and tries to sue me. Does anyone have some pointers for a first time landlord?

[Dave M.]

Yes. Shop around and get a good landlord policy. 25% premium vs. homeowners sounds steep since you will not be covering contents.

The most important thing is to include in your lease that you are responsible for the structure and not tenant belongings or negligence. They need to get a renters policy to cover their personal property and protect you from their negligence.

Verbiage from my lease:

Note: make sure that this is consistent with your local/state law as there may be additional requirements and/or differences.