If you are thinking about renting out your house, condo, or other residential property, you might be wondering which type of homeowners insurance is right for you: homeowners’ or landlord insurance? Lighthouse Agency Inc., a general insurance agency in Fairfield, OH, is here to give you the facts on these two different types of coverage and help you pick the one that’s right for you.

The primary determining factor when choosing between a landlord or homeowners’ insurance policy is the length of time in which you intend to have tenants staying in your property. Homeowners’ insurance provides coverage only for you and any relatives that live with you in the home. However, your particular policy may extend coverage to guests who are staying with you or renting out the space for a short period of time.

Landlord insurance, on the other hand, is ideal if you are renting out the space for months at a time. This type of policy offers you liability coverage for the property itself and any possessions left at the residence that are necessary to its function and upkeep.

So while your couch or television would not be covered under a landlord policy, you would have protection if the roof, walls, or floor became damaged. This coverage can also extend to lawn or gardening tools left onsite that are used to maintain the premises.

If you intend to have full-time renters, require them to purchase their own renters’ insurance policy. Your landlord insurance does not offer you liability coverage in the event they are injured while staying there. Without the right coverage, you could be left to foot the bill if anything happens to them or their personal belongings due to a fire, storm, or theft.

Choosing the right homeowners insurance is important for protecting yourself against events that are out of your control. If you are intending to rent out your home, you can get an insurance quote from the experts at Lighthouse Agency Inc. today by calling (513) 860-9100.

Lighthouse Agency Inc. is an independently owned insurance agency that has been protecting the financial assets of all Ohio residents since 1996. As an independent agency, they can find you a perfectly-tailored homeowners insurance policy that meets your unique needs. Call them today to speak with one of their knowledgeable agents, or visit them online.