Protect Your Investment: Why Homeowners Should Switch to a Dwelling Policy If you've recently moved out of your home and decided to rent it out, congratulations! You're turning your property into an asset that can generate income. However, your insurance coverage needs to evolve with this transition to ensure you're fully protected.
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Why a Homeowners Policy Isn’t Enough A standard homeowners policy is designed to cover a property you live in—it provides protection for your home, belongings, and liability. But once you move out and lease the home to tenants, it no longer qualifies as your primary residence, which means a homeowners policy may not fully protect your property or even remain valid under your insurer’s terms.
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Why a Dwelling Policy Is the Right Choice A dwelling policy (also known as landlord insurance) is specifically designed for rental properties. It offers coverage for: ✔ Property Damage – Protects the structure of your home against risks like fire, storms, or vandalism. ✔ Liability Coverage – Covers legal or medical expenses if a tenant or visitor is injured on your property. ✔ Loss of Rental Income – Helps compensate for lost income if your home becomes uninhabitable due to a covered event.
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Making the Switch Updating your policy ensures that you’re not left vulnerable in case of unexpected events. If you’re renting out your property, talk to an insurance professional today to explore your options and secure the right coverage!