OBX Housing wants to ensure your OBX Long Term Rental has the appropriate Insurance
Suppose you have a single-family home that you want to rent out on a full-time basis or 12-month lease; what kind of insurance do you need to help protect your investment? Have you discussed with your OBX Long Term Rental Insurance agent that you are going to place a full time; year round tenant in your home and what kind of protection do you need to have in place? If you haven’t, then your Insurance agent would most likely have offered you a Homeowners Insurance policy which does cover the home, personal property and liability if the home is OWNER OCCUPIED. By changing the exposure of who resides in the home you would need to change the product covering the home. Reaching out to your Insurance agent to review how your home is insured is the best way to make sure you and your investment are protected.
What type of Insurance do you need for your OBX Long Term Rental?
With renting out your OBX Long Term Rental home year round or on a 12-month lease, a Landlord or Dwelling Insurance Policy should be discussed with your Insurance agent. These policies can provide better protection with regards to liability issues and loss of income by having someone other than yourself or a resident relative residing in your home. They are also designed to offer a lower limit of personal property coverage to cover such things as appliances or carpet that is part of the home, especially since the actual contents of your home will belong to the tenant who is occupying the home.
OBX Housing has your back!
Calling your OBX Long Term Rental Insurance agent to review your current coverage is the first step in making sure your Outer Banks rental home is covered properly and help protect your investment. OBX Housing is fortunate to have Megan Bottelli as a member of our staff who is a licensed Insurance Agent. She has been able to help both our Owners and Renters with questions about their insurance requirements in accordance with our Property Management Agreement and Residential Rental Contracts to help ensure that everyone is protected.