Renting out rooms or parts of your home, either short-term or long-term, has its unique set of challenges, especially when it comes to insurance. Insurance companies have different approaches to insuring homes that offer room rentals. In this article, we’ll cover the essential aspects to prepare you for discussing your needs and options with your insurance agent. At Greater Tulsa Insurance Inc., serving Tulsa, OK, we provide solutions to meet your insurance needs when renting out a room in your house.
Landlord Insurance for Tenant-Occupied Property
Landlord insurance has historically provided coverage for properties rented out. Such properties are generally considered business investments, and landlord insurance for tenant-occupied properties usually includes:
- Property damage: Coverage for damage inflicted on the unit by tenants or guests.
- Liability coverage: Coverage for injuries sustained by tenants or their guests on the property.
- Loss of rental income: Coverage for lost rental fees if the property is deemed uninhabitable due to a covered loss.
Additional coverage options are available for vandalism, burglary, and other concerns.
Room Rental for Owner-Occupied Property
Insurance companies differ in how they insure people who rent a room or rooms in a property they also live in.
Some insurers consider rooms rented temporarily covered by your home policy, while most require an additional rider or endorsement and increased premiums.
Owners who regularly rent rooms treat their homes as business property, so many insurers mandate landlord insurance for adequate coverage. Therefore, owners must work with their insurance agent to ensure they have the appropriate coverage for their homes’ mixed personal and business use.
Working with Greater Tulsa Insurance Inc.
At Greater Tulsa Insurance Inc., we take pride in serving the insurance needs of homeowners and landlords in Tulsa, OK, and the surrounding areas. Whether you rent out your property or not, give us a call today at (918) 984-9448 or visit us to ensure your property is adequately insured.
