Home insurance question

[jshouse]

We are buying a new house and will be renting the one we live in currently, as the first rental we've ever had.
What type of insurance should we have on the rental? Can we drop the contents coverage from our current policy and save a little money?

Is there a specific policy for this? I didn't want to call the insurance company yet just in case we should just leave everything as is...

[ACCURACYINC]

We are buying a new house and will be renting the one we live in currently, as the first rental we've ever had.
What type of insurance should we have on the rental? Can we drop the contents coverage from our current policy and save a little money?

Is there a specific policy for this? I didn't want to call the insurance company yet just in case we should just leave everything as is...

You need to take out a Fire and Extended Coverages policy. Your current homeowners policy will not provide coverage while the home is not owner occupied.

[Feathershredder]

Dwelling fire policy with loss of rents coverage will be what you need.

[ACCURACYINC]

Also, you might consider making renters insurance a requirement for your new tenants. Mostly from the liability aspect.

[jshouse]

That's what I needed fellas thanks.

I'm assuming it will be cheaper than regular homeowners?

[ACCURACYINC]

That's what I needed fellas thanks.

I'm assuming it will be cheaper than regular homeowners?

Probably not honestly. There is a lot of risk with these types of policies. You can probably expect to pay in the same ballpark what you're paying for your homeowners policy.

[jshouse]

Probably not honestly. There is a lot of risk with these types of policies. You can probably expect to pay in the same ballpark what you're paying for your homeowners policy.

Thank you sir

[flywise]

Probably not honestly. There is a lot of risk with these types of policies. You can probably expect to pay in the same ballpark what you're paying for your homeowners policy.

Correct^^^^^^^^^
Make your tenants get a renters policy and their own liability policy.

[meltingfeather]

Correct^^^^^^^^^
Make your tenants get a renters policy and their own liability policy.

An umbrella liability policy is also a good idea. It’s the route we went on sound advice. It umbrellas all of your policies (home, auto, rental, etc.).

[Atfulldraw]

That's what I needed fellas thanks.

I'm assuming it will be cheaper than regular homeowners?

nope.

Our renters policies are approximately a third of the value of our primary house, but approximately the same premium.

Require your tenants to provide you a copy of their renters insurance and then layer an umbrella policy