Homeowner insurance for investment property

Contractor · Huntsville, AL · Member since 2019 · 44 posts · 9 votes

Hello,

It will be my first investment property that I am going to have as LTR.

Does anyone know if I need a regular or some investment property Homeowner insurance?
This is a single family house which is going to be rented in 2 weeks.
Thanks

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Owen RosenBusiness Member
Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
2y
Quote from @Vitalii Lunko:

Hello,

It will be my first investment property that I am going to have as LTR.

Does anyone know if I need a regular or some investment property Homeowner insurance?
This is a single family house which is going to be rented in 2 weeks.
Thanks
You need insurance specific to non-owners occupied properties. There are several names for this type of coverage.
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John Mocker
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
2y
Vitalii,
Homeowners policies, in most insurance companies, require that the property be owner occupied. As Owen mentioned, you need a different type of coverage. In personal insurance, those policies are most often called "Dwelling Fire" policies (some companies also call them Landlord policies). In Commercial Insurance (business policies) the policies are called Business Owners (BOP) or package policies.
Discuss the coverage with an Independent Agent (they represent multiple insurance companies). Based on you situation and property they may suggest one or the other type of coverage.
If possible get quotes with Special form coverage and the building valued at Replacement cost. Max out the Liability and consider an umbrella.
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