Normal Vs. Land Lord Insurance

[Minh Lai]

Normal Insurance vs. Land Lord Insurance

What is the difference and is it needed?

I got some quotes and they're roughly the same (land lord was cheaper by $29/month but less coverage). My parents own the property but I do all the leg-work. I just want to make sure I do my due-diligence and make sure everything is Okay.

Should I convenience my parents to switch? They feel like it's too much of a hassle and they've been with their previous insurance company for years.

*Note I haven't ask them to talk to their current insurance company and ask for their land lord policy. that just came to me. 

[Steve Vaughan]

Hi @Minh Lai- if your parents are renting out their house, they definitely need a landlord policy.  Aside from the homeowner's coverage they have probably being invalid if they were to need to file a claim, landlord policies have liability coverage.  Mine are $300k or $500k.  The liability coverage is key to me.  My LL policies are a little more expensive than my homeowners but well worth it.

I would just ask my parents to let their existing insurer know it is a rental.  Shouldn't be a problem or shouldn't have to change carriers.