Homeowners Insurance in Lancaster, OH
Homeowners Insurance for Renting Out Property in Lancaster, OH
Owning a home already entails significant financial responsibility, but when renting out your property to tenants, there are additional risks and exposures to consider, like getting a homeowners insurance.
However, while you may be aware of the importance of insurance, this topic can get much more complicated when managing a rental.
Navigating Homeowners Insurance When Renting Out Property in Lancaster, OH
Whether you plan to rent out a home you own for long-term tenants, such as using extended (e.g., 6- or 12-month) leases, or if you prefer more abbreviated arrangements, such as through Airbnb or Vrbo, insurance should be a top priority.
Standard homeowners insurance does not typically provide coverage for homes that are not your primary residence, as you not being consistently present could incur greater risk levels. Fortunately, there are other options.
Essential Tips for Insuring Your Rental Property in Lancaster, OH
Insurance for homes you plan to rent out can come in several forms but often include similar coverages, including for the following:
- Structures coverage may help financially protect the physical elements of an insured home.
- Landlord possessions coverage may help repair or replace belongings you leave on the property, including furniture or maintenance equipment.
- Liability coverage may assist with legal expenses and third-party losses if you are allegedly at fault for someone else’s bodily injuries or property damage, such as due to poor upkeep or maintenance.
- Lost income coverage may help you recoup losses if a covered incident renders your home temporarily uninhabitable and unable to collect rent.
Understanding Coverage: Homeowners Insurance for Renters Insurance in Lancaster, OH
When seeking coverage for a home you rent to tenants, it’s essential to understand your coverage options. For example, for extended leases using more traditional rental agreements, you may want to seek out landlord insurance, also known as rental property insurance.
On the other hand, short-term rental insurance may be advisable if you plan to welcome many guests for vacation getaways.
We’re Here to Help
Renting out property can be complicated, but you can find the right coverage by working with a qualified insurance professional, such as Gary A Gibson Ins Agency, LLC. Contact us today to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.