There are many reasons you might want to rent out your home on either a long- or short-term basis. Depending on the rental scenario, your standard homeowners policy may not cover all losses incurred while your home is rented out, and you may require a more specialized insurance policy designed for your unique situation. So, whether you own a second home that you lease to tenants, want to rent out a spare bedroom in your house periodically, or make a little extra cash renting out your beach cottage the weeks you’re not using it, the first step should be to call and have a conversation with one of our experienced staff. 


Short-term rentals/Primary residence

If you are planning to rent out all or just part of your primary residence for a short period of time, there will likely be two insurance scenarios.

  1. Some companies may allow a homeowners or renters policyholder  a short-term rental—as long as  they have notified the company. Other insurers will require an endorsement to the existing insurance policy in order to provide insurance coverage. 
  2. If you rent your primary residence for short periods on a regular basis, to various “guests.” this would constitute a business. Standard homeowners insurance policies do not provide coverage for business activities conducted in the home. To be properly covered you would need to purchase a business policy.


Long-term rentals/Second home

If you are planning to rent your home to one person or a couple or family for a longer period of time, say over six months you will likely need a landlord or rental dwelling policy. Landlord policies generally cost about 20 percent more than a standard homeowners policy to pay for increased coverage. If you are regularly renting out a vacation home or investment property, this would also require a landlord or rental dwelling policy.  


Landlord policies typically provide property insurance coverage for physical damage to the structure of the home caused by fire, lightning, wind, hail, snow or other covered perils. It can also offer coverage for any personal property you may leave on-site for maintenance or tenant use, like appliances, lawnmowers, and snow blowers.


The policy also includes liability coverage; if a tenant or one of their guests is injured on the property in may cover legal fees and medical expenses.


Many landlord policies also provide coverage for loss of rental income in the event you are not able to rent out the property while it is being repaired or rebuilt due to damage from a covered loss.

You Also May Be Interested In The Following Personal Line Coverage

Jackson Insurance Solutions is a full service independent insurance agency located in New Mexico.  You may also be interested in the following coverage.

Personal Auto Insurance - Home Insurance - Renters Insurance - Rental Property Insurance - Umbrella Insurance - Motorcycle Insurance - Motorhome Insurance - Builders Risk Insurance
Mobile Home Insurance -Boat Insurance


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Jackson Insurance Solutions provide personal line insurance for the state of New Mexico serving the communities of Albuquerque, Rio Rancho, Edgewood, Tijeras, Cedar Crest, Sandia Park, Golden, Madrid and Cerrillos.