, this insurance practice could be getting in the way of providing people with the homes they need.
He says when a property is rented out to three or more unrelated tenants, many companies then consider it a "rooming house" rather than a rental. In their eyes, that means it becomes more of a commercial risk than a residential one, he says."That risk profile changes and not every insurance company would offer coverage for some types of risks. Those are internal business decisions for every insurance company.
With families, on the other hand, there's thought to be more collaboration, especially in the kitchen, which means less risk, he says.As for renting to students, de Pruis says those properties would also fall under a commercial policy and any landlord renting to multiple students needs to ensure they're getting the right coverage.
"While these cost increases are not limited to any one area, we note that insurance premiums have indeed been included in the inflationary pressure — be they with or without changes to the number of occupants in a home," said Kureshi in an email.As for Lough, she says she only rents out one property — so being considered a commercial business doesn't make much sense.
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