Homeowners Insurance? Landlord Insurance? Which Should You Choose?

Admin
Published Date: 2023-08-16

Insurance is essential for anyone who rents out furnished houses. It is not something you can wait on since you never know when you’ll need it. However, it’s equally important to make sure you have the appropriate form of insurance so you are covered if an accident occurs. We’ll share the differences between homeowners and landlord insurance so you know how to move forward.

Homeowners Insurance

If you plan to live in the furnished houses you own, homeowners insurance could be needed. It covers damaged property, liability, and personal belongings. This includes items like electronics, furniture, and other valuable items. It covers situations where someone is injured on the property, as well as loss of property or damaged property that makes the space unlivable. In some cases, you’ll be reimbursed for housing costs at an alternative location while repairs are made.

Landlord Insurance

On the other hand, landlord insurance for furnished houses can cover losses against liability and property damage claims. This includes damage to the actual home as well as other structures that are part of the property. Your policy will determine what is covered, but some examples include bad weather, fire, and theft. It also covers tenants who are injured in accidents. As a property owner, this is generally the right type of insurance for your needs.

Homeowners vs. Landlord Insurance

Landlord insurance and homeowners insurance have a lot of things in common. However, you’ll need landlord insurance if you rent furnished houses. If the renters will only be there for a short time, homeowners insurance might offer some protection but you’ll need to speak with your insurance provider to be sure.

For those who offer rentals for a longer amount of time, you probably don’t live in your home. This makes it better to choose landlord insurance. It covers you from liability, theft, damage, and destruction. All of these forms of coverage are needed for your furnished houses.

At CHBO, we offer the ARDP Property Protection Program. It can help eliminate or reduce security deposits and offer protection if accidental damage occurs to your furnished houses. You can access $5,000 in coverage for $90 for 30 days. This is a great way to cut costs and make sure your homes are covered when tenants are using them.