Many times, we find customers changing the occupancy of their home from a primary residence to a rental property and they forget to update their insurance accordingly. In most primary residence policies, there is verbiage that will exclude coverage for damage to your personal property and exclude coverage for liability if you rent the property. However, unlike a standard home insurance policy which requires an entirely different policy, a condo insurance policy is really easy to update to ensure you’re adequately insured.
So what do you do?
You need add the “unit owner rental to others” endorsement to your policy. This endorsement typically removes the personal property exclusion and liability exclusion verbiage from the policy when the property is rented and instead acknowledges that these coverages are part of the policy. This coverage will also provide coverage for theft with some exclusions for high ticket items such as jewelry, watches, furs etc etc. It will also provide coverage for medical payments to others.
And the best part….
It’s not terribly expensive to add this endorsement. It’s generally around 10% or so of the annual premium….which is a small price to pay to be adequately insured.
Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.
Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!
Want more tips like this?
Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!
Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but are also developing a new way to shop for insurance. Join the journey that we believe will change an industry.
Chrinco.com – Insurance Simplified.