CT friends, is landlord insurance mandatory as opposed to homeowners insurance? I’m not clear based on the research. I will rent out my home. Thanks!

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Just get the insurance. If your tenant burns down your building you'll want to be paid out

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I have homeowners, my question was whether I need to switch the policy to landlord

Yes. If you’re renting out property you need it. If something happens and it becomes clear you’re renting out your place, you’ll likely be denied coverage.

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Yes, you want your insurance coverage to match the occupancy of the home. Landlord coverage will cover the relevant damage to your property while occupied by the tenant. It will cost slightly more, but one huge benefit is that claims filed on investment properties don’t follow you around increasing your premiums. So in the long run if something happens you’ll be covered and capturing future savings too. I work with some great insurance agents if you’d like to get second opinions on a landlord policy.

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Load up on as much insurance as you can. Homeowners insurance is different

Landlord insurance gives you liability protections. So if someone falls and breaks their arm on your property, their lawyer they go after the insurance money and not your personal bank account

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Whether it is required varies by state but you should get landlord insurance. It doesn’t cost that much.

I got mine through State Farm. I didn’t shop around though.

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In a scenario where you are living in one unit and renting out the others would you switch to landlord insurance?

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