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	<title>New answer on: Is Landlord Insurance More Expensive Than Homeowners?</title>

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		<title>By: David Mrozek</title>

		<link>https://insurancelibrary.com/home-insurance/is-landlord-insurance-more-expensive-than-homeowners</link>

		<dc:creator>David Mrozek</dc:creator>

		<pubDate>Sun, 17 Nov 2013 14:09:50 +0000</pubDate>

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		<description><![CDATA[The answer here is &quot;maybe&quot;.  It really depends upon the situation and the coverage.  In general, if you consider the same house and the same coverage, the homeowners coverage will cost you less.  let&#039;s start with some terms.  In the industry, we usually call landlord insurance either dwelling fire, or a dwelling policy.  It points to the difference between this and a homeowners policy.  A homeowners policy has 6 coverages:

A.  Dwelling - the structure
B.  Other Structures - detached garages, shed&#039;s, pole barns, etc.
C.  Personal Property - Your stuff
D.  Loss of Use - The extra costs you&#039;ll incur if you have to live somewhere while your home is repaired
E.  Personal Liability - Protects you from being sued
F.  Medical Payments - Pays for injuries that happen on your property without having to be sued.


A Dwelling Policy, in general doesn&#039;t have any coverage C, Personal Property.  As a landlord, you&#039;re worried about the building and your liability.  Your tenant&#039;s personal property is their responsibility to insure.  Dwelling policies are more complicated to put together than homeowners policies but I&#039;ll leave that discussion for another time.  Lets talk about why  Dwelling Policy usually costs more than a Homeowners policy.

  With a homeowners policy the insurance company has a greater sense of security because they only have one entity to worry about, the homeowners and their family.  They have a financial interest in keeping their home safe, secure, and in good repair.  With a rental property, you may have many different tenants occupy that home and they have no financial interest in the home itself. A tenant is much more likely to let things go that may eventually cause a claim.  Additionally, with a homeowners policy, the liability is protecting the insured from others, with a dwelling policy, you&#039;re also being protected from the people that actually occupy the home.

Now, one last thing to mention.  If you&#039;re renting your home and it&#039;s insured on a homeowners policy, change it now.  If there&#039;s a claim on the home and the insurance company finds out it&#039;s being rented, they may refuse to pay your claim.  Most homeowners policies require the home to be occupied by the owner for coverage to apply.

Find a good agent that knows how this works and how to put this coverage together for your situation.  It&#039;s much better to know what your coverage is and make choices rather then to think you have coverage you really don&#039;t]]></description>

		

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