The housing market had been tough on many homeowners who are trying to sell their home. A growing number of homeowners who need to relocate for a job or another reason are unable to sell their homes and are forced to become landlords.
If this situation pertains to you, keep in mind that when you begin renting out your home, it becomes a place of business and the insurance requirements change. For example, you would need a landlord insurance policy to cover the property and protect you if anyone is hurt on or in the property.
Landlord policies also offer coverage for loss of rents in the event that the building becomes uninhabitable due to a covered peril on the policy, like a fire or tornado, for example. This can be a necessary coverage in the event that it takes several months to repair or rebuild the home as your renter would not be required to pay rent during that time.
If you find yourself in this situation and would like more information regarding landlord policies, please call our office at (952) 445-5767.