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I have renters, do I need different home owners insurance?

MrT137MrT137 Registered User regular
edited July 2011 in Help / Advice Forum
So I'm renting out a few rooms in my house that I own and also live in. I live in Delaware, because that might make a difference. Is there additional coverage I should have, and how much? If one of the renters screws up something little, that would be covered by the rental deposit. If they really did serious damage (like started a fire), I think that would be covered by my current policy. And they would be legally liable.

Also, I'm sure someone will bring this up. I was told by my insurance company that I don't need to worry too much about personal liability related to someone getting injured in/on my property. In their words, "Delaware law tends to side with the homeowner in the case of frivilous personal injury lawsuits. For example, if someone falls down the stairs at your house and breaks a leg, they won't be able to successfully sue unless they can prove willful negligence. Like, if your stairs were rotting out, inherently unsafe, you knew about it, and didn't warn the person before they used them. Or if you were setting bear traps in a suburban neighborhood. But in that case, you have bigger problems than just needing more liability insurance." I assume the insurance company was giving me good intel (or else I don't know what they were trying to do). The point is, I don't think I need to be too concerned about the renters getting hurt and trying to sue. I'm willing to be proven wrong though.

MrT137 on


  • bowenbowen How you doin'? Registered User regular
    edited July 2011
    That's more or less right in any state MrT. You may want to ask about additional coverage for letting people rent rooms, it probably won't be more than like $100 a year tops.

    bowen on
  • EggyToastEggyToast Registered User regular
    edited July 2011
    This sounds like you should call up your insurance company again and ask them explicitly about it. Similarly, you should encourage your renters to have their own renters insurance policies.

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  • schussschuss Registered User regular
    edited July 2011
    I just got a bunch of extra premises liability. It's pretty cheap.

    schuss on
  • schussschuss Registered User regular
    edited July 2011
    Also note that it only covers YOU and YOUR posessions and liability. Your renters are up shit creek if it burns down and they don't have insurance.

    schuss on
  • Dr. FrenchensteinDr. Frenchenstein Registered User regular
    edited July 2011
    yeah you need a landlord policy if you are not living there. but if you are just renting rooms it shouldn't be much of a change.

    Dr. Frenchenstein on
  • KiplingKipling Registered User regular
    edited July 2011
    Being proven wrong means you lose huge amounts of money and gobs of time. Get insurance to cover it - call a property management place and ask who to go through if your insurance company balks.

    Kipling on
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  • LewieP's MummyLewieP's Mummy Registered User regular
    We had to take out Landlord's insurance, it covers fixtures, fittings and contents for accidental damage and some other stuff. Has really paid off - we had a water burst last winter, that would have cost is £shed-loads if we hadn't had the insurance - we needed new pipework, new ceiling, new carpets, decorating - worth every penny. It also covered us for loss of rent as the renters had to move out.

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