I want to rent my home. Do I need a new policy?

Yes, you do!  The typical all risk policy that covers an owner-occupied home is referred to as HO3 or Homeowners Type 3.  The Type 3 is all peril.  The HO3 policy is not the proper policy for tenant occupied homes.  For that purpose, you need a DP3 type policy. The DP is “dwelling program” and the Type 3 again is all peril.  Most insurers do not provide liability coverage for DP3 policies because the insurer assumes the owner has multiple properties and engages an umbrella type of policy to provide the owner with liability coverage. 

I can also help you with umbrella insurance.  In order to avoid the risk of an insurer NOT covering your tenant occupied property, you’ll have to make sure that you disclose how you use your home.  If you decide to rent a home that you occupy, you'll want to be sure to give us a call so that we can change your policy to continue your coverage.