Home was converted to a rental
Action:Notify your insurance agent immediately.
An owner-occupied homeowners policy may need to be replaced with landlord or dwelling coverage.
New tenant moved into commercial property
Action:Tell your insurance agent what business is occupying the building.
Occupancy can affect underwriting and pricing.
Tenant changes business operations
For example:
An office becomes a restaurant or auto repair facility.
Action:Contact the insurer.
A major occupancy change can materially change the risk.
Building becomes vacant
Action:Contact your agent immediately.
Do not assume the existing policy continues unchanged.
Large renovation begins
Action:Tell your insurance agent before construction starts.
Builders Risk or another policy change may be needed.
Lender requests insurance changes
Action:Send the lender's exact requirements to your agent.
They may request:
- Mortgagee information
- Lender's Loss Payable wording
- Specific property limits
- Deductible limits
- Flood insurance
- Replacement Cost
- Business Income
- Other endorsements
Commercial tenant requests a Certificate
Action:Review the lease first.
The tenant and landlord may each have separate insurance responsibilities.
Landlord requires tenant insurance
Action:The lease should clearly state the required coverage and limits.
Request updated evidence of insurance when required.
Property has repeated water claims
Action:Correct the underlying problem.
Insurers may request:
- Plumbing updates
- Roof repairs
- Drainage corrections
- Sump improvements
- Water sensors
- Proof of repairs
Repeated losses can significantly affect underwriting.