I’ve started renting out my house. Do I need to tell my insurance company?

Yes, if you've started renting out your house, you should tell your insurance company as soon as possible. Renting out your home changes the level of risk associated with the property, and your insurance company may need to adjust your coverage accordingly. Here are the four steps to take when renting out your house:

1. Contact your insurance company: Let your insurance company know that you will be renting out your home. They can help you understand how your coverage may need to change and provide guidance on any additional insurance policies you may need.
2. Consider landlord insurance: If you are renting out your entire home, you may need to purchase landlord insurance. This type of insurance provides coverage for the unique risks associated with renting out a property, such as liability claims from tenants.
3. Update your policy: Your insurance company may need to update your homeowners insurance policy to reflect that your property is now being used as a rental. They may also need to adjust your coverage limits or add endorsements to ensure that you have the appropriate level of protection.
4. Review your lease agreement: Make sure that your lease agreement includes language that requires tenants to carry their own renters insurance policy. This can help to protect both you and your tenants in the event of a loss.