Rental Property Investor · Tallahassee, FL · Member since 2020 · 54 posts · 14 votes
Hi, I just recently bought my second property as an owner occupant and now I’m trying to find out what’s the process to getting insurance for my first property since it’s an investment property now with a tenant. The tenant has their own insurance. Would I keep the insurance I have now even though I bought the property owner occupied, or do I have to get a different insurance since it’s no longer owner occupied, and it’s an investment property?
Your new home would become your Primary residence and needs to be insured with a Homeowners policy. Your old home is now a "Non-owner" occupied property and need to be insured as a Rental Dwelling.
The agent who wrote the policy for your new home should be able to add the Rental Dwelling as a bundle with your Home and Auto.
If you are going through an 800#, then you will have to guide them through this process. Let me know if you have any other questions on it.