Switching from homeowners insurance to landlord insurance is something many owners overlook when renting their property for the first time. Protecting yourself, and your property with the correct insurance policy is EXTREMELY important. Many owners do not realize that they need a different policy in place when renting a property to a tenant vs. if you are living in the home as your primary residence. When you are living in the property as your primary residence, your insurance is listed as a homeowner's policy, which covers the structure, damages, and all personal belongings inside the property. When you become a landlord, you will need rental home insurance. This policy will also cover the structure, however it can also help cover you with legal costs, medical expenses, loss of rental income, and some repairs.
In addition to changing your insurance policy, we also strongly stress the importance of requiring your tenants to purchase renters insurance, which will cover all the tenants personal belongings. For more information about Sunnyvale Property Management please visit our website at dwmproperties.com.