Renting can be a valuable investment opportunity, but it also comes with additional risks. The type of rentals you own impacts on how much insurance you need. Habitational insurance carriers cover a variety of rental properties and their needs.
Renting out a single home has less risk than a multi-tenant dwelling. However, toxic mold or a roof cave in could result in medical expenses that come out of your pocket if you don’t have habitational insurance coverage.
Multi-tenant housing such as duplexes, fourplexes, condominiums and apartment buildings greatly benefit from habitational insurance. The policies help you protect your risks around the property itself and the tenants within the building. Habitational insurance goes the extra mile to protect the unique risks of the owner of the building.
Senior living facilities and student housing are rental properties that need the added benefits of habitational insurance. The insurance extends to short-term guests and long-term residents. Some of these facilities may need additional insurance to fully cover those living within the walls.
Renting a space to even a single person may benefit from finding habitational insurance carriers. When you aren’t sure if the policy is for your rental situation, a quick call can put you at ease. Without adequate coverage, you could put your business and self at risk.