Renting out my house for the first time. Do I need to inform my homeowner’s insurance or change my coverage? I was thinking just to add 1M$ umbrella policy

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You probably want to convert to a landlord policy. And prob want a homeowners policy / renters policy at the new place. Talk to your insurance broker as I am just a guy, but have landlord policies in place on the rentals. Wouldn't want to risk having the wrong insurance. Umbrella may not be a bad idea anway.

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Landlord insurance can also be more cost effective

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Interesting. I would take a look deeper into the quote or consult with a broker (if you’re not already). Did you check your homeowners policy to make sure there aren’t any exclusions in terms of renting?

Oh also, if you haven’t already, definitely check if your area requires a rental permit.

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Youll need landlord insurance. Umbrella is just an extension of your existing coverage, which likely doesn’t cover for example a tenant suing you

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Highly suggest landlord's insurance. Way cheaper. Saw your comment about a quote - go to another company. I paid for my existing policy for a year only to find out that a second company quoted me 1/3 the cost for a landlord policy. Just swapped to them this month.

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My landlord policy came in almost about the same as homeowners, just a tad bit lower. I shopped around and got some that quoted almost double. 🤷🏻‍♀️

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In addition to informing your insurer of the change and getting a new policy as a landlord, ensure that your tenant has a tenant's policy as a condition of the rental agreement.

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Get an insurance agent. They will shop around for you. I have one and she is great.

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