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Coach
Also if this is a long-term rental consider requiring your renters to have renter’s insurance.
Thanks!
Coach
Home owners insurance. Consider lost rent coverage. Umbrella insurance.
Thank you all.
D1 very helpful, will look into it!! 👍🏼
Mentor
Make sure your insurers know, obviously. But you haven’t said how long you’re renting it out. Is this a year long lease or an AirBNB situation? Also if it longer term and the person doesn’t pay, then you’ll have eviction issues, etc. so there are a few more things to consider, yes, but you haven’t completely described what you’re doing.
Yes, this is a one yr lease that just started this month.
1. Home insurance for rental property - it’s called fire insurance by some company.
2. Tenants must have rental insurance with your name as additional insured. - this sometimes gives some discount on your home insurance .
3. Umbrella with minimum 1 million - this is a really helpful safety tool if you get sued .
Make sure your lease agreement is strong and has all terms and conditions ( just don’t be a d*** - because you really can be that with some clauses ) .
Thank you!!