Do you need to change your homeowners insurance if you rent your house?

Answer 1

If you were living in your home when you first took out the homeowner's policy, then, yes, you do need to change it. To not notify the insurance company that you are now renting your home could render your coverage null and void, resulting in the loss of coverage should something happen to the house. There are several types of coverage, some of which offer more coverage than others. In your case, you need to change the policy since the house is now a rental. But, there are other factors involved, too. Did you rent the home furnished? If so, you need to maintain coverage that will still insure your contents of the house. If not, then you need to change the policy to cover the house only. The renters will need to take out a rental policy, which will cover their belongings in the event of a fire, or other types of damage. You also need to talk to your insurance agent about keeping liability insurance on the house, as well. And, since some renters aren't aware that the landlord's insurance won't cover their belongings, you need to inform the renters that they will have to take out a rental policy to insure their belongings (furniture, clothes, etc.) if they want them insured. Also, keep in mind that a homeowner's policy does not cover flood damage; that will have to be a separate policy.