what kind insurance do i need on a fha house loan if i am renting it out the the house?
- Margarita DLv 61 decade agoFavorite Answer
If the home is going to be rented out, you need a Dwelling Fire Policy which will provide coverage for the home and will also provide loss of rental income in case of a covered loss. You are not eligible for a homeowners policy since the home would have to be owner occupied. The type of loan is not relevant to the type of insurance you need -- who will be occupying the home is relevant.
I suggest that you consult an independent agent in your community to assist you. You can go to the website for the Independent Insurance Agents & Brokers of America and enter your city or town, state & zip code and find a list of agents close to you -- you can then review their websites and see their credentials, specialties, the companies they represent, etc. and choose the one that is best for you and your situation. The website is: http://www.iiaba.net/agentlocator/findagent.aspx
I hope this information helps. Good LuckSource(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
- Steve DLv 71 decade ago
You need homeowners insurance with full replacement coverage - talk to an insurance agent, they will know what you need.