When you buy home insurance, you want to make sure you're covered. Just like adding drivers to a car insurance policy, you want to make sure you have the right people on your home insurance policy or that they have their own coverage. Each home insurance policy will vary on what you need to do. But here are some things to check.
If you decide to rent your entire home to a tenant, you generally should not add them to your home insurance policy. You should require them to carry their own renters insurance with coverage for liability and accidental damage to your property. You also need to check whether your home insurance policy covers disaster damage while renting out your home. Short-term rentals might be allowed, but long-term rentals usually mean you'll need to purchase landlord insurance.
If you have a roommate, you need to read your policy carefully or talk to your St. Andrews Insurance agent. Keep in mind that the answer of who is covered may be different based on the specific coverage. For example, you might be covered if your roommate accidentally burns down your home while cooking. But your liability protection might not extend to what an unrelated roommate does. If your roommate isn't covered, the answer is having them buy their own renters insurance. This is better than adding them to your home insurance policy, since they don't own a share in the home.
Family members who make your home their residence are typically automatically covered, while guests would need to be covered under their own insurance policies. You do not need to name them in your policy, and the policy should be in the name of the homeowners.
The above rule generally applies so long as you're living in your home. If you move out and rent your home out — or let a family member move in for free — you should treat the new occupant like a tenant. Have them buy renter's insurance and see if you need landlord insurance.
Kids In College
When your kids go to college, they may still be covered by your home insurance policy without you needing to take action. This could be for both liability and for any property coverage you have while away from home. As a general rule, they're covered by your policy while in temporary housing, such as dorms, but not once they get their own apartment or house.
Get A Quote