Question : Should I report my tenants on the home insurance policy?
I used to live in my house but now I am renting it out. Should I tell my home insurance company that I will no longer live there and tell them about the tenants?
- asked by heavyd
All Answers:
Answer #1
YES. the minute u put renters in the house theinsurance policy was void.u need the correctinsurance for a commercial property and plenty ofit. price around .
- answered by robert w
Answer #2
Yes, this will likely increase your premiums assome tennants can be nasty and cause damage, butyou get extra coverage for that!
- answered by R B
Answer #3
Yes. It is classified as non-owner occupied. Theyneed to know before there is a claim, just in case
- answered by jwishz
Answer #4
You must inform the insurer of this. If you dothen your policy is not worth the paper it iswritten on. Once a claim occurs the insurer willeasily discover what the actual situation is inregards to the occupancy of the house. They willdeny your claim and cancel your policy.
- answered by Gambit
Answer #5
Yes, your premium should actually go down since itwill no longer cover the contents of the home,just the home itself. The renter would getseperate renter's insurance to cover theirpossessions.
- answered by kta kta
Answer #6
YES. You are essentially uninsured now becauseyou have failed to inform your insurance companyabout your change in use of the house.
- answered by engineer50
Answer #7
RIGHT AWAY! you cannot have a homeowners policyif you the homeowner do not live in it. yourpolicy needs to be rewritten as a landlord policy. this covers the dwelling (make sure you also keepliability on it). your tenants should then pick upa renters policy to cover their belongings. ifyou can find a company in your area that willwrite your property on a commercial packagepolicy, it will keep your premium a lot lower. ihave a company that does this and it actuallygives them MORE coverages than a regular landlordpolicy for less premium.
- answered by Queen B
Answer #8
Well, YES, because one of the conditions of yourhomeowners policy is that the house is owneroccupied. They are going to tell you, you need alandlord policy - also called a dwelling firepolicy. You're going to have to rewrite thepolicy.
- answered by mbrcatz17
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