Homeowners insurance is designed to cover owner-occupied, single-family residences. When you're home is being rented out, it no longer meets those criteria and therefore, may no longer be covered. While your homeowners policy will typically cover a short-term rental, it's not going to cover a vacation home where you have different people in and out every week. Those types of situations, which are common here in the Lake area, create a lot more risk for the insurance company. In addition to the increased chances of injuries on the property, rental properties tend to experience more claims as tenants typically don't care for the property as well as the owner would.
Landlord Insurance Policies
If you choose to rent out your home to tenants, whether short-term as vacation rentals or long-term, be sure to inform your Lake of the Ozarks insurance agent. A trusted agent will be able to talk to you about a specific landlord insurance policy. Coverage from a basic landlord policy isn't going to be quite as broad as a homeowners policy, but it will include big risks such as fire, wind, theft and ice damage. You can expect to pay 15-20% more for landlord insurance, but just think about the savings you'll have if something does happen to your property while under the care of your tenant.
While landlord insurance covers the house itself, there are other aspects you'll want to consider. You may want additional coverage for other structures on the property, the owner's possessions, lost rental income if the house is damaged and uninhabitable and/or liability protection for the owner in case of injury or lawsuit. In addition, for long-term rentals you should advise your tenants to purchase renters insurance at the Lake of the Ozarks, so that their own property is protected. Their personal belongings won't be covered under your homeowners policy or your landlords policy.
At Insure the Lake, we can help you with all aspects of insurance. As an independent insurance agency at the Lake of the Ozarks, we work with a variety of insurance providers to get you the most comprehensive coverage at a competitive price! Give us a call at 573-348-2794 to discuss all your Lake of the Ozarks insurance needs.
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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