Help on type insurance needed when renting out your second home. Anything else I should consider besides insurance?

Thank you in advance! 😊

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Also if this is a long-term rental consider requiring your renters to have renter’s insurance.

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Thanks!

Home owners insurance. Consider lost rent coverage. Umbrella insurance.

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Thank you all.

D1 very helpful, will look into it!! 👍🏼

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.

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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 ) .

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Thank you!!

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