insurance policy different

[Billy White]

My homeowner policy declaration and my rental property declaration is almost the same. I though rental property declaration suppose to be different. Can someone tell me what suppose to be the different between the two.

[Aaron K.]

@Billy White your rental property should have liability coverage, may have coverage for lost rent and should have much less coverage for personal property.

[Billy White]

what about other structures and medical payment, Aaron K

[Aaron K.]

@Billy White yes your rental should have medical payments.  Both should have other structures, if they are there (sheds, detached garage etc.)

[Billy White]

Thank Aaron K for that information.

[John Mocker]

Billy,
The Declarations pages of a policy show the limits, endorsements, and forms. The structure of the coverages / limits between a Homeowners and a Dwelling/Fire policy are very similar. You should see:
Building
Other Structures
Contents (Personal Property)
Loss or Use (Loss of rents for the rental)
Liability
Medical Payments

There may be differences in the policy forms and endorsements but many are used by both types of policies.

There are some companies that actually use a Homeowners form for a fully rented 1-4 family and then add endorsements modifying the coverage.

I would, in writing, verify with your agent that the policy on the Rental is for a fully rented out property.