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Well since I just got my renewal notice a few weeks ago I pulled out the declaration to check what it says. Under "Occupancy" it says "tenant". Other than that my policy reads pretty much the same as when I lived there.
what you have to check though is that while your insurance company will insure the rental what about the tenant being defined as a household member?.
we had our homeowners insurance include a co-op apartment which they gladley listed on the policy.
well we had someone there who burglerized us and then we found out they were still defined as a household member under homeowners. we got landlord insurance after that and the link was then broken.
Great thread. Thank you everyone for this great information. I am toying with the idea of renting my townhouse and moving to another part of the town. I am worried about all the issues that could happen. What else I should prepare for if I decide to rent? Thanks again
It's called DP-3 insurance for landlord insurance. At least in FL, it can vary depending on whether the rental is seasonal (several different occupants throughout the year) or an annual rental (same occupants for 1 year). Unless the rental is furnished, assuming you have taken all of your personal items, you can reduce personal property by a great deal. We are just now going through this, as our FL home is finally rented. We had to change insurance anyway because we got dropped for water damage claims, so I've been shopping around. The rule of thumb is if you turn your house upside down, anything that falls out of it is considered your personal property. So in our case, just the appliances are the personal property. Just make sure your lease requires the renter get their own renter's insurance. I am nervous about this all, too, especially since I am in CA now and even with the real estate company's property maintenance division, it freaks me out being so far away.
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