Question : Does home insurance cover when you rent out the house and the tenant causes a house fire?
Does home insurance cover when I rent out the house and the tenant causes a house fire (assuming the house completely burnt down)? If not, do I need to buy landlord's insurance or ask the tenant to buy renter's insurance? Thanks
- asked by rlou
All Answers:
Answer #1
Homeowners policies vary; you'll want to read thefine print on yours to see if it does or doesn'tcover such circumstances.
- answered by Katie W
Answer #2
YES IT IS COVERED UNDER YOU HOME OWNERS POLICY,CHECK WITH YOUR AGENT FOR THE LIMITATIONS.IT WILLCOVER THE RENTERS PERSONAL PROPERTY WHICH IREQUEST THAT THEY CARRY WHEN THEY RENT FROM YOU.
- answered by john t
Answer #3
I believe you have to list the property as aninvestment w/ the insurance co. which willincrease your premium due to the higher risk, butthe 1st response is a good 1....Read the fineprint...or do what I do and tell them to find whatyou want to see in the paperwork and let them findit for you.I like to delegate tedious tasks ;-)
- answered by donyute13
Answer #4
John is wrong."Homeowners insurance" covers theowners dwelling [house/garage] and contents[owners personal property on the premises]. "Owner" [landlord if he is the owner] takes outthis policy and is responsible for the premiums. If building is leased or rented out, it does NOTcover tenants personal property, such asfurniture, electronics, etc, or even toolsborrowed from a neighbor. "Renters insurance"covers the tenants personal property only. Theytake out this policy and pay the premiums.Homeowners policies cover every circumstance EXCEPTwhat is listed in writing, or "exemptions". Theseare normally: floods [obtain this through FEMA],home businesses losses [such as a fire in aresidential garage being used as auto repairbusiness], or anything else that is listed inwriting. If your house up in Alaska getsstampeded by purple elephants, and it is NOTlisted as an exclusion, it WILL be covered.
- answered by bill b
Answer #5
You would have to consult with your agent onthat... If it's a basic policy, probably not. Renter's insurance covers the renters things, notyours, as far as I know.Ask your agent... theywould know better and be better aquainted with thelaws where you live.
- answered by JerZey
Answer #6
you need to get a special policy from theinsurance company, and you should also tell yourbank if you still have a mortgage, that you arerenting the place. YOur homeonwer's will not coverthe damage.
- answered by Tatnic
Answer #7
home, swishhome,
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- answered by to help
Answer #8
Your question could not be answered in oneword.find useful tipshere.
http://insurance.online-assistant.info
- answered by GARY R
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