Yes! If you convert your home into a rental property, you must inform Laferla, as your standard Home Insurance needs to be upgraded to Landlord Insurance.
π Why Do I Need to Update My Policy?
βοΈ Home Insurance is for owner-occupied properties β It may not cover rental-related risks.
βοΈ Landlord Insurance provides extra protection, including:
- Loss of rental income if the property becomes uninhabitable.
- Legal liability if a tenant is injured due to a property defect.
- Coverage for theft or damage caused by tenants.
π What Happens If I Donβt Update My Policy?
πΉ If a claim arises, your policy may not cover damages since it was issued for a residential (not rental) property.
πΉ You could be liable for tenant injuries or property damage.
π How to Update Your Policy?
1οΈβ£ Contact Laferla and inform us of the change.
2οΈβ£ We will update your Home Insurance to Landlord Insurance.
3οΈβ£ Choose the right coverage options for your rental property.
For more details or to request a quote, contact our team today!