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How does homeowners insurance differ for primary residences compared to secondary homes or investment properties? Find out today.

First, what does homeowners insurance actually cover? General homeowners policies for primary residences cover natural disasters like fires, lightning strikes, hail damage, and hurricanes. If one of these events were to damage your home and/or personal items and displace you, your insurance policy would reimburse you.


Now, when you rent a property out to someone else, making you the property’s landlord, insurance works a little differently. The good news is that the cost of homeowners insurance goes down for this type of arrangement, since the tenant is responsible for their own personal items. Wise tenants would take out renter’s insurance to protect the value of their belongings.

“When you rent a property out to someone else, making you the property’s landlord, homeowners insurance works a little differently. ”

However, how near or far you leave to the property you own does play a factor in your insurance. If you’re a landlord who lives more than 100 miles away from the property you’re renting out, your insurance company will require that you have some sort of property manager in place for them to continue providing you with homeowners insurance. I had a client who moved from Washington D.C. to Boston, and when he updated his insurance, they cut him off immediately when they realized that he was a landlord living more than 100 miles from his property. Once he got a property manager set up to ensure that his property was being taken care of, his insurance company reinstated his insurance.

As always, if you have any questions about this or other real estate topics, don’t hesitate to reach out to me. I hope to hear from you soon!