The risk is for both you and your insurer when you rent out your home on a full-time basis. You have an increased responsibility for injuries on the property, whether to your tenants or your tenants’ guests.

 

Insurers also experience more claims on tenant ­occupied properties because tenants typically don’t care for properties as well as owners would. Renters are less likely to either identify or report maintenance needs.

 

When you decide to become a landlord, inform your insurer and ask about a specific landlord insurance policy, sometimes known as a dwelling fire policy. Coverage from a basic landlord policy isn’t quite as broad as a homeowners policy, but it includes big risks like fire, wind, theft, and ice damage.

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