Rented our SFH - do i need to update? Insurance

[Mitch Polatin]

Hello, we have a single-family home in Florida and one in California, we used to reside in both of these, but just moved out of them over the last year or so. These are now rented. I kept our insurance as is in regards to homeowners, but now I’m realizing I probably should’ve updated it? I may be wrong, but it seems it’s difficult to get landlord insurance? Or you need to have owned the property for years?

Any help is appreciated. 

[John Mocker]

Mitch,

Generally the Homeowners policy is for owner occupied properties.  Most Insurance Carriers us the Dwelling Fire form for rented 1-4 family dwellings.  Talk to your agent about how your company handles the situation.  Most likely they will advise to immediately rewrite both policies.  If you are not working with and independent agent who represents multiple companies I would advise also speaking with one or more.  Often the Insurance company that is best for Owner occupied properties may not have the best price/coverage for a rented dwelling.  Also, both of those states are having issues with availability of coverage (wildfires, Hurricane, etc.).  When getting quotes try to have Personal Injury (libel, slander, wrongful entry,...) included.  Also make sure the coverage for Loss of Rents is adequate.