Homeowner’s Insurance Mass

Have your kids all left home? Are you and your spouse rattling around in the family home wondering what to do with all the extra space? Maybe you are considering renting out that garage apartment. It could be good to have someone around now you’re free to head off on that long holiday. You could perhaps negotiate a deal where your tenant collects mail, looks after the garden, and generally watches over the place in your absence. Before you finalize anything however, check on your homeowners insurance Mass.

Usually, as a landlord you would have a slightly different policy for a property you intend to rent. However, in an instance like this where it’s an apartment that is on your existing property, your regular home insurance policy may suffice – although your tenant will need to insure their own personal possessions. Landlord policies allow for the fact that you have paying tenants in a property you own, which means you carry – potentially – more risk of loss from tenants who could skip a lease and leave you with the bill.

While renting out that extra space on your property might look like a good idea it might not be as simple as advertising and having someone move in, particularly if you are not always going to be around. You need to be very selective. You should also call the agent you use for your homeowners insurance Mass to talk about your plans and get advice as to the best course of action with your insurance so you are adequately covered.

*