Real Property Management Authority
Most Vancouver property owners know that we need homeowners insurance for our property, but if you are an “accidental or unintended landlord”, meaning you moved and decided to rent your Vancouver home or you are just new at being a landlord, you may not be familiar with the different types of policies available to you.
True or False – Your homeowner’s insurance company can deny coverage for a loss at your home if it is now a rental property
Make sure to look over your homeowner’s insurance policy because it’s very likely your existing policy doesn’t cut it anymore. Most policies cover owner-occupied homes, and yours as a Vancouver rental property no longer qualifies. What does this mean to you? It means, the insurance company can deny coverage unless you have the proper policy in place. There are various policies to choose from that cover standard losses in addition to equipment breakdown, loss of rental income, and accident liability so make sure to discuss the options with your insurance professional. Taking action now will ensure that your Vancouver rental property is properly covered in the event that a loss occurs.
One other word of advice: Make sure your tenants have renters insurance to cover their own personal property.