home insurance
home insurance

Insurance For Occupied, Unoccupied And Rented Properties

Do you have pieces of estates you have invested in? Do you have a home you would like to rent out to tenants? Do you live in the same building with your tenants? You need separate home insurance policies for these cases. These are for your convenience and to make it easier for you during claims time.

In times of disaster, you may not be able to replace your property straight out of your pocket immediately and in most cases no one wants to spend money again repairing a home from start to finish when a mishap occurs. Then, you should consider getting a rental property insurance because your home owner’s insurance policy has its limits in rental properties. There will be more public concerns added to your property once it is rented out because the content of the home would have changed or the content now belongs to your tenants.

When your property becomes a source of income by rental, the cost of insuring it will be a little higher than what it will cost when you occupy the house. Rental property insurance covers the following: personal liability for legal and medical expenses and rent for agreed number of apartments or rooms in your rented property while your home is being repaired and some other additional coverage that may differ with insurance companies.

When you occupy part of the property under rental, there is a different coverage policy you would obtain. Though, some home owner’s insurance policy extends to a few number of additional rental rooms or apartment close to or on your property. This coverage is different from what you would get when the whole property is occupied and rented out.

Advice For Getting Your Rented Property Insured

  • To get the right information required to get your property properly insured, ask your insurance broker or get a FREE insurance quote from a reliable source like www.InsuranceQuotes.NG. At insurancequotes.ng we provide you with the best insurance options, advice and quotes for you to decide on which policy best suits your needs.


  • If you already have a home owner’s insurance policy, check with your insurance company to confirm that your home owner’s insurance policy will cover or be extended to your rented property. Some companies may extend the policy up to two or more rented properties but it is best to find out first.


  • Insure your property against bad tenants or the influence of occupants on your property because it will be difficult to replace your home in case of fire caused by tenants and once the house is gone; your valued income through the rentals will not come to you anymore.


With an insurance coverage for your property, you are sure to get your property replaced and also get your rental income even as the property is being replaced. Make sure to get an appropriate coverage for your rented property, your personal belongings in the rented property should also be covered. You do not have to take coverage for your tenant home content. There are insurance policies for tenants which mostly fall in the category of house holder’s policy. You can encourage your tenants to take a policy for their home content. This will also help in replacing any significant damage caused by the tenants.

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