I am not very knowledgeable on this subject but I would reach out to an insurance agent and ask about the risk of not having it and base my decision on that.
Group home rental question! Did you change your residential insurance to a commercial policy?
Jeremy, if you change the occupancy of your property in any form ( Long-term to STR, owner occupied to rental, market rate rental to Group Home), you should reach out to your insurance broker as your policy will need to be adjusted, if not rewritten all together.
@Jeremy Levin if this is as a STR then i'd recommend checking out Proper insurance, they have good coverage for commercial designed specifically for STRs.
My situation is a 24hr residential in-home care company is going to occupy my home. I’m going to be added as an additional insurer on their policy w/ a $2 million umbrella. With that said, can I stay with a residential policy or do I need to switch to a commercial policy since a business will be the occupant?
Jeremy,
What coverage the Tenant provides you does not change the terms and conditions of your policy. As Jason Bolt said, if you change the occupancy you need to inform your agent. I would do so in writing and ask response in writing if they say you do not have to change the policy. Even if they agree to continue the policy I would look into commercial coverage as there may be exclusions in the current policy that will not be in a commercial policy.
If your current agent does not write commercial coverage you should contact several Independent agents that do and get their quotes and recommendations.