Author Topic: In need of Landlord Knowledge  (Read 969 times)

OracleOfAtown

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In need of Landlord Knowledge
« on: January 14, 2015, 06:18:53 PM »
I am going to be buying a new house and want to rent my current home.  What are the steps I need to take to make this happen.  Do i need to tell my mortgage company? How much is it to have insurance when renting out your home?  I live in California Zillow value $360K. 

iamlindoro

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Re: In need of Landlord Knowledge
« Reply #1 on: January 14, 2015, 06:57:09 PM »
Insurance cost will vary massively by area.  You'll need to contact an insurance agency and get quotes for a landlord policy.  You'll want good liability coverage.  I could tell you what I'm paying in Tennessee, but it is unlikely to have any relation to what it would cost you in CA (I also live in CA, and my homeowners is way more expensive than my landlord policy for TN).

Generally, you are supposed to inform your lender of your intent to rent out the house.  Check your mortgage paperwork.