Question by Mx: Do I have to have “special” insurance to rent my home in Arizona?
Do I have to have insurance other than my current home owners insurance to rent my house in AZ? Is there a “special” type of “landlord’s insurance”??
What do you think? Answer below!
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Your “homeowner’s” insurance probably will be cancelled if they find out you are renting the property.
Get “residential property” insurance.
Yes, you do need a landlord insurance policy. Get with your agent/ company and tell them you will be renting the place out (they may be able to adjust your current policy – no big deal). They will charge you a bit more but then probably work out whatever adjustments you need.
Also, some companies won’t even write insurance on rentals, but many will so you can definitely get insurance for this (not to much more than your regular insurance).
You shouldn’t, in my state we don’t at least, but it is a very good idea to make your renters carry renters insurance.
Probably not, but what I would make sure of is that you have full coverage for current value. And your renters should provide a binder of personal property insurance, because you don’t want to be responsible that their stuff. Oh and write that into the lease agreement.