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I moved from Alabama to Ohio last year. At the time, I didn't sell my home in Alabama. I bought one in Ohio to live in.
I got some great tenants to live in my house in Alabama. I don't want to talk the pros and cons of renting out to people vs selling it. I would have preferred to sell it, but the market wasn't right yet.
When I insured my new house in Ohio, the agent asked about the Alabama house. I told them that it was being rented out. That caused my policy for the Alabama house to almost double. Is that normal? The justification was that since non-owners are living there it increases the risk of damage.
My experience is that empty house, hard to get new homeowner insurance. For rental, you shouldn't have to pay as much as your regular home owner insurance. Remember, you are dropping coverage on personal properties.
I was trying to sell my second house. But, because the market is bad, I've also decided to rent it out. When I switched from a homeowner's policy to a rental insurance policy, (with the same company) my rates increased only slightly--maybe $2-3 more per month. But, who knows, maybe I was overpaying for my homeowner's insurance, all along?
I'd try shopping around for a different rental insurance policy.
I moved from Alabama to Ohio last year. At the time, I didn't sell my home in Alabama. I bought one in Ohio to live in.
I got some great tenants to live in my house in Alabama. I don't want to talk the pros and cons of renting out to people vs selling it. I would have preferred to sell it, but the market wasn't right yet.
When I insured my new house in Ohio, the agent asked about the Alabama house. I told them that it was being rented out. That caused my policy for the Alabama house to almost double. Is that normal? The justification was that since non-owners are living there it increases the risk of damage.
Your getting the wool pulled over your eyes!
Look for another insurance agent/company. As previously stated, you only need to insure the property/structure; no contents.
I find the cost is less for a rental fire policy vs a Home Owner policy with the reason being a typical Home Owner policy has very broad coverage.
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