Home Insurance Policy for 2nd Property

3 Replies

i bought A home insurance policy for one property. I lived there. But then I buy a second home, and will move out of the first place.if I buy a second policy for the new home. Will my first insurance rate go up or change?

If you are now going to be renting the first house out, the policy will change.  You now need a Landlord policy (non-owner occupied) for that property, rather than a homeowner's policy.  

Michael,

When you move out of the First Home you would normally have to change the insurance on that property.  The Homeowners policy is for owner occupied properties.  There are a few companies that will use the Homeowners for also for rental dwellings but that is rare.  You should call your Insurance agent and let them know.  Ask how your company will handle it.  If your agent represents only one company or just a few, you may want to shop the policy.  The form that you will most likely need is called a Dwelling/Fire Policy (some companies call them Landlord policies).  In most cases, the rates for the Dwelling/Fire are higher then a comparable Homeowners policy.   Good luck with the new home.