The natural beauty of Tennessee makes it a popular destination for visitors looking to experience the great outdoors. It also presents a great business opportunity for people who own property they are looking to rent out, be it to short-term overnighters or long-term tenants. A good investment needs to be protected and that is why property owners should not rely on a regular homeowner’s policy and should obtain specialized rental insurance in Tennessee.
Why a Homeowner’s Policy is Not Enough
The terms of most standard homeowner’s insurance policies specifically state that the policy covers a home that is owner occupied. If someone is occupying the house other than you for any length of time, you are putting yourself at risk should any damage, or a situation in which you are liable, arise. Your insurance carrier may deny any claims you file, especially if it is unaware that you are renting the property out. It is always best to be forthcoming with your insurer to make sure you have the proper rental insurance in Tennessee to protect your investment.
How Rental Insurance Protects You Better
A rented property needs certain protections that other properties do not. If damage to the property or its contents occurs and your insurance company denies your claim, the costs for any replacements or rebuilds will have to come out of your own pocket. If you rely on the income generated by your property, and something happens that precludes you from collecting rent, you will have lost an important source of revenue.
Whether you own and rent out one property or multiple dwellings, having rental insurance in Tennessee protects you from damage to, and liability from, your investment.