Homeowners Insurance Coverage - Owner Beware

Many neighborhoods around the state are seeing more and more homes being rented out or just unoccupied.  If you find yourself having to relocate because of a job change or any other circumstance, make sure you check with your insurance company about your coverage. 

If your home is unoccupied for more than a month and suffers damage as a result, you may find yourself non covered for the damage.  The actual amount of time you can leave your home unoccupied before it affects your coverage will vary from insurer to insurer.  Insurance companies view unoccupied homes as a higher risk policy and you should expect to pay a higher premium for coverage.  Some companies will not insure at all on these higher risk properties.  An independent insurance agent can help you search for policies that will fit your circumstances.

If you are renting what was your primary residence, you will also need to contat your insurer and get a new policy.  Insurerr also consider a rental property a higher risk policy than one that is owner occupied.  This is due to the renters having less interest in caring for the property.  If you are going to rent out your primary home, you must place a landlord policy on the home.  These premiums are higher but they do cover for loss of rental income if the house burns or becomes otherwise uninhabitable.  Landlord policies will not cover tenant possessions if they are stolen or damaged, so it is important to encourage your tenant to purchase a tenant homeowners policy.  Renter's insurance is relatively inexpensive.  Premiums are usually less than $250 a year.

 

 

Christine Stalsonburg, Realtor

Real Estate Consultant

Exit Realty Paramount

231-409-4140

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Comment balloon 1 commentEllen Dittman • August 18 2010 07:26AM
Homeowners Insurance Coverage - Owner Beware
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Many neighborhoods around the state are seeing more and more homes being rented out or just unoccupied. If you find yourself having to relocate because of a job change or any other circumstance, make sure you check with your insurance company… more
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Ellen Dittman | Watson Realty Corp | (904) 535-1199 2391 Dumfries Ct E, Orange Park, FL GREAT NEIGHBORHOOD! CLOSE TO SHOPPING AND SCHOOLS. 3BR/2BA Single Family House offered at $135, 000 Year Built 1983 Sq Footage 1, 232 Bedrooms 3 Bathrooms 2… more
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Ellen Dittman | Watson Realty Corp | (904) 535-1199 2639 Sophia Ct, Fleming Island, FL FLEMING ISLAND POOL HOME IN FLEMING GROVE HAS NO CDD FEES! 4BR/2BA Single Family House offered at $199, 000 Year Built 1999 Sq Footage 2, 242 Bedrooms 4… more
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Ellen Dittman | Watson Realty Corp | reo. ellen@gmail. com | 904 535 1199 8269 Hamden Cir W, Jacksonville, FL CHIMNEY LAKES HOME NEW ROOF NEW HARDWOOD FLOORING 4BR/2BA Single Family House offered at $159, 900 Year Built 1989 Sq Footage 1, 902… more
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Ellen Dittman | Watson Realty Corp | reo. ellen@gmail. com | 904 535 1199 362 N Mimosa Ave, Jacksonville, FL Middleburg Acreage and well maintained home to get away from it all! 3BR/2BA Manufactured offered at $64, 900 Year Built 1986 Sq… more
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Ellen Dittman | Watson Realty Corp | (904) 535-1199 2391 Dumfries Ct E, Orange Park, FL GREAT NEIGHBORHOOD! CLOSE TO SHOPPING AND SCHOOLS. 3BR/2BA Single Family House offered at $135, 000 Year Built 1983 Sq Footage 1, 232 Bedrooms 3 Bathrooms 2… more
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Ellen Dittman | Watson Realty Corp | reo. ellen@gmail. com | 904 535 1199 8269 Hamden Cir W, Jacksonville, FL CHIMNEY LAKES HOME NEW ROOF NEW HARDWOOD FLOORING 4BR/2BA Single Family House offered at $159, 900 Year Built 1989 Sq Footage 1, 902… more
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Ellen Dittman | Watson Realty Corp | (904) 535-1199 2639 Sophia Ct, Fleming Island, FL FLEMING ISLAND POOL HOME IN FLEMING GROVE HAS NO CDD FEES! 4BR/2BA Single Family House offered at $199, 000 Year Built 1999 Sq Footage 2, 242 Bedrooms 4… more