First Rental Advice!! Dallas TX

3 Replies

I am moving into a new house and want to rent out the first house.

Which insurance do I need for the old house I plan on renting out. Do I need Rental Insurance on the old house since I'm renting it or do I keep home owner insurance on there. I'm getting conflicting information. Any help or advise will be appreciated. 

You need to speak with your insurance agent about insurance, just call them up and tell them what you are planning. You want homeowner's insurance for rentals. So typically you are insuring the structure and liability, not the contents. Renter's Insurance will be for the tenant to insure their contents, they should pay for that and you should require it. You probably want umbrella insurance as well. If you don't have a great agent or want to shop around call Duncan Boyle in Dallas. He is a broker and can shop rates for you. Very helpful guy for investors.

Hey Stephen,

I'm an insurance agent in CA. You need to look for a landlord (tenant occupied aka dwelling fire) policy. All polices are NOT created equal, make sure you get a good referral. Some agents sell strictly on price but you can always get a rate down by increasing the deductible. If they bring up the premium before going ALL coverages, call the next shop.

Hope that helps. Happy shopping!