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Renting house / Rental insurance and mortgage rate question.?
I own a house in florida(seasonal property) that I am going to rent out. When I switch over my insurance to rental insurance will they notify the bank that I have my loan with or do I do that? And will the bank adjust mymort. rate because it will now be considered investment property? how does this work? what are the steps I should take with insurance & my bank? Thanks for your help!
I cannot help you with the mortgage end, but you have the option of carrying property insurance, to protect the house itself. You can require that a tenant carry an HO4 (renter's policy).
A renter's policy protects CONTENTS ONLY. You have no contents in the house while it is being rented.
At our office, we notify the lienholder of any policy when something changes, cancels, adds, etc.
Hope this helps
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