Revenue Property Insurance
Full disclosure: I'm an insurance troglodyte.
I didn't quite realize how complicated this stuff and due to my situation, it is that much more. I understand the reasoning, but I can't be the first person to have done this.
Situation:
-I own a one bedroom condo, it is turning into revenue property (rental) as of September 1st. It is currently my principal residence.
-The SO and I have been house shopping for a few months with no success. She has a place she is renting.
-The plan was to take advantage of the summer rental market and get my place rented then move in to her place while we house hunt. So far step one is complete.
-Now the insurance company is saying that in order to have revenue property insurance, I need a policy on a principal residence. (I understand. that makes sense....kind of) With the initial plan of being in principal residence "limbo" This is a bit of a headache. They're asking questions about amperage, plumbing (For the principal residence) etc etc.
My questions are: Is there any sort of "let" in this situation? I can't be the first person to do this. Is owners insurance required for a revenue property?(Please don't freak out over this question) The tenant will have contents and liability insurance and the condo corp has insurance. What sort of things does insurance for a revenue property cover?
Also side question, what is the ball park cost for insurance on a revenue property that is a small one bedroom condo in an apartment complex? The basic quote seemed really high.
thanks y'all
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