When I change a home into a rental, my understanding is that I need to update my insurance. How does it change? Is it a different type of coverage? Is it usually more expensive?

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You will likely switch from an HO-3 policy to a DP-3 policy. (Homeowners policy to Dwelling policy).

If you have it insured as your primary and rent it out and then have a loss, your carrier could void your coverage. I’ve seen it happen to people.

And if you’re planning to do short term rentals, make sure you tell your broker that too.

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It changes because you’re having people on the property who live there. It isn’t always more expensive, but can be. Just talk to your insurance agent but do not rent it out with an endorsement on your policy — it’s no longer your residence.

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