Is Homeowners Insurance Cheaper For Rental Property? 
Homeowners Insurance is not available for a Rental Property . Homeowners Insurance is defined as the policy to protect the primary residence of the titled owner of the subject property . Rental Property should be covered by a Landlords - Dwelling Fire Policy which is designed to provide coverage for tenant occupied 1 - 4 unit residences . Although mortgage companies use the term ` hazard insurance ' as a requirement to provide fire insurance on the collateral upon which a loan is extended , it is important for a home owner to purchase the correct form of insurance.Forexample , during the real estate boom , many investors purchased homes as primary home for the purpose of obtaining an owner-occupied mortgage loan thereby obtaining a lower interest rate although they clearly intended to maintain the home as a rental property , in an effort to keep thematching story , they purchased homeowners insurance simply stating that the home was the primary residence.Following an unfortunate occurrence and the filing of an insurance claim , it was found that the risk had been misrepresented and the claim was denied followed by the cancellation of the policy and the return of premium . It is essential that the correct form of insurance ispurchased ifthere is an interest inobtaining protection for the home . Homeowners Insurance is a lower risk than Landlords - Dwelling Fire Insurance simply due to the fact that an owner occupied property proves tocreate less insurance claims than a tenant occupied property . However , homeowners insurance has more elements of coverage that are not included in a Landlords - Dwelling Fire Insurance policy . Depending on claims statistics in different regions of the nation , all carriers will havedifferent rates for bothHomeowners Insurance and Landlords Insurance . In some areas , one may find lower rates for one type of coverage where in another area , one may find the reverse . When asked if home insurance is cheaper than rental property insurance , it is an immediate opportunity toinquire regarding the actual occupancy of the home . There is a linkproviding an online format to obtain a quote and buy both home insurance and dwelling fire insurance online in multiple States ; it may be used by Escrow/Closing Professionals , Mortgage Professionals , Real Estate Agents and directly by Consumers . An exemplary online experience for all ! WEBSITELINK 