While we are on the road we want someone(s) to live in our house. We are hoping it will be a beneficial situation for both parties. The pluses for us include the yard is kept up, the pipes don’t freeze, and any seeping water can be dealt with before the basement becomes a swimming pool. And, hopefully, the person(s) living here can catch a financial break and/or have some elbow room. It seems so simple.
I called our insurance agent yesterday to ask her several starter questions relating to this trip, including a question about our homeowner’s policy and how that relates to having someone else live in our house. She did a bit of research for me and called me back today.
Citizens, our current insurance company, told her that we will need to cancel our homeowner’s policy (because the house will not be owner-occupied) and start up a “rental dwelling policy.” As a result, we will have to increase the coverage for any of our contents. The person(s) living here will have to have to take out a personal renter’s policy.
Citizens stated that if a person was house-sitting the home for 30 - 60 days, then we wouldn’t have to make this conversion. But, a year warrants the change.
Read More >>