Home Insurance Policy - when you rent out the house?

[Preeti Sharma]

As a landlord you are NOT responsible for the tenants contents. You need to reduce your home owners policy to only structure coverage. It will cost much less and is best when it comes to responsibility, if something should happen.

[Expert]

OWNERS get home insurance to cover the structure and the property incase of fire and things like that.

TENANTS get home insurance to cover their personal belongings.

[PolicyWala]

As both parties (the owner and the tenant) have insurable interest, each party can take out insurance on the same property.

In the above scenario, it would be worth the owner of the house to take out buildings insurance and the tenants taking out contents cover. If the owner of the house is leaving any of their possessions in the house it may be worth extending it to cover limited contents.

Hope this is of help.