I am a writer with ValuePenguin (www.valuepenguin.com), a site that provides consumers with helpful articles and information on financial topics. I’m looking to interview homeowner insurance professionals, real estate attorneys, homeowner landlords (who rent out their houses), and other experts for the following article: THE HOMEOWNERS INSURANCE RAMIFICATIONS OF RENTING OUT YOUR HOUSE. This story will explore what to consider homeowners insurance wise before leasing out your home. Below is a list of questions I’m seeking answers to. I can either conduct a phone or email interview (with the latter, please email me back full-sentence written responses that I can use as quotes). My deadline is noon central time, Wednesday, April 8, 2015.
QUESTIONS:1. (This first question is only for homeowner landlords who have rented out their houses now or in the past): When and why did you choose to rent out your home? Did you live somewhere in the dwelling and cohabitate with a renter who occupied a different floor/area, or did the renter occupy the entire dwelling? What are/were the renter(s) like, and how did you screen/vet this person(s)? How did this decision to rent out affect your homeowners insurance, what extra protection did you need/opt for, and what did it cost extra? What advice would you give to other prospective homeowner landlords when it comes to insurance issues? What is your full name, and city/state location of your home for rent?2. (The rest of the questions are for insurance/legal/housing experts): Why do many people choose to rent out their homes today? What are the circumstances impacting their decision? Do you have any statistics that illustrate how common/popular this practice is?3. Before renting out your home, what do homeowner landlords need to carefully consider regarding homeowners insurance? 4. Will they need to take out a new policy/rider that covers their tenant(s)? What is required by law/by state? What kind of minimum coverage do you recommend (please be specific with coverage types/limits and/or provide hypothetical or real world examples).5. How much does this type of supplemental or separate insurance cost, typically? Is it hard to obtain this type of insurance today? Why/why not?6. What are some of the key things typically covered and NOT covered by insurance when it comes to renters that landlords should be aware of? What are some do’s/don’ts that landlords and their tenants need to abide by to ensure that they are properly covered by insurance?7. Under what circumstances can insurers terminate your policy or choose not to renew you? How can landlords and tenants avoid these issues?8. What are some insurance-related issues that renters should carefully consider before renting a home? Should they make sure the lease specifies what the landlord’s insurance will cover? What do you recommend they ask about/insist on, if anything? 9. Should renters also consider supplemental renter’s insurance of their own? What does this typically cover (e.g., valuables inside your home and out, pays additional living expenses if something happens to your place, covers injured guests' medical payments, etc.)? Why is this worthwhile, and how much does it typically cost?10. What happens if/when the landlord has to make an insurance claim related to a renter? What can they expect? What can/should the consequences be for the renter?11. Any other thoughts or ideas on this topic you’d like to offer?12. What is your full name, title, degrees/credentials, company, city/state location, and email address?
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