The best reference that any insurance agency can ask for is your history.
Laizer Schonbrun, an insurance agent par excellence, works for one of the fastest growing agencies in the United States. He relates the following success story regarding a tenant-occupied account.
“I really felt bad for the owner of a renter-occupied home. He called us on a whim and complained about how his bank had put a specific insurance policy on him. Not only did the coverage seem inappropriate, but the associated premium was too high . .
“As always, I was there to help in any way I could. I went to work scouting my agency’s network of underwriters, and in less than a day, I found more coverage that was more appropriate at an extremely competitive quote that I bundled together. A thereafter, he sent the new insurance information to the bank.
“In my day-to-day experience, this was just another insurance success! For the new client, it was a day of relief and a huge dose of appreciation for me and my team!”
The following information on renter-occupied housing is only a brief summary.
However, it serves to inform the public in a meaningful way.
Renter-Occupied Homes and Related Insurance Options
If you own a primary residence that you rent sporadically for short periods, an independent agency can review the insurers it deals with to find a temporary rental policy. If not, you’ll need a related rider attached to your current home insurance.
If you want to continually rent your primary residence for a short period of time to different tenants, you’ll probably need a commercial policy, like the one provided to hotels, motels.
On the other hand, if you own a vacation home or investment property that you want to rent out long-term, an owner’s policy is mandatory.
This type of policy includes the following forms of coverage:
• Physical damage coverage
• Personal property coverage (for appliances left for the renter’s use)
• Liability coverage
Loss of rental coverage is something the landlord can also opt out of. This protects you in case your tenant leaves and a replacement tenant cannot be found. It also protects you from financial loss when you are unable to rent your property due to necessary repair or reconstruction work as a result of damage that is covered by your policy.
To learn more about renters-occupied home insurance, talk to an independent professional agency with a reputation that tells you that the customer is the center of operations.
