By: HDA Insurance Brokerage

HDA Insurance Brokerage — Mon, 24 Feb 2014 20:47:30 +0000

If you own a home that is used as a Rental; you would declare your Rental Income on a separate schedule on your income taxes. On the same reporting form, you will deduct expenses including property tax, insurance and any other deductible expenses. In this case, you would not have a Homeowners Insurance Policy, the policy should be a Landlords Package Policy instead meant for a tenant occupied property. If you do not carry the correct form of insurance, it is essential that you cancel your policy and purchase the correct form - insurance forms are not transferrable. This is a very serious topic; as you would expect, in the event of a disastrous claim, the insurance company will review your policy form and follow the coverage and definitions to calculate whether or not you are insured and how to proceed with the claims handling. There is a link available providing an online format to obtain a quote and buy landlords insurance online in multiple States; may be used by Escrow Professionals, Mortgage Professionals and directly by Consumers. An exemplary online experience for all! https://bit.ly/1954BTO

New answer on: Can I Write Off Homeowners Insurance On A Rental?

By: HDA Insurance Brokerage