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Owning a home requires the need to purchase good home insurance to protect it. The type of insurance that you need depends on how you want to be protected and which damages you want to be covered. It could also depend on the home itself, the structure, its age, its location, etc.Do I need extra insurance for renting part of my house?

Lastly, the insurance could also depend on how you are using your home. Renting out a house is a good way to earn extra income. For homes that are partially used for rent, in many cases, the rental income is enough to pay for the mortgage and still have money left over. However, it doesn't come without risks. If you are going to rent part of your home, it's always a good idea to reevaluate your current home insurance policy.

Your homeowner's insurance policy is made up of types of coverage. The first is designed to protect the structure or the home itself. The other is meant to protect what's inside the home or your stuff. Most home insurance policies will protect the home itself whether you rent out part, all, or none of it. But it's up to the tenant to protect their own possessions and should be encouraged to get renters insurance.

It's important to remember that because tenants don't have ownership interest in your home, they might not take care of it the way you would. You may need to increase your limits or purchase extra coverage such as an umbrella policy to protect your property against additional damage or liability exposure.

Every situation is different. Talk to your agent to find out your options. They can help you create the right home insurance policy that fits your situation and will keep you protected.

By Matt Reynolds - Google+
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
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