fire dwelling insurance

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PostPosted: Thu Dec 04, 2008 9:15 am   Post subject: fire dwelling insurance  

Gonna rent my home sooner or later..hope i'd qualify for a renters policy.

Is there a need for fire dwelling coverage? Purpleheaded08


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PostPosted: Thu Dec 04, 2008 9:39 am   Post subject:   

Hey..I feel in today's world it is absolutely necessary for us to be a little more responsible towards our life and family. It is a natural phenomena to see houses getting burned and spoiling people's lives and dreams. In case you're the owner of a house you might be eligible to get home owners insurance, but under circumstances when you're renting you would certainly think of more coverage. Fire dwelling insurance is one good option for you as an owner to get your listed properties covered under it. Then you could add certain structures of your home, sheds and garage to this coverage.

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PostPosted: Thu Dec 04, 2008 10:39 am   Post subject:   

all you need to be eligible for renters ins is to rent your home...the owner covers the structure.



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PostPosted: Thu Dec 04, 2008 10:40 am   Post subject:   

Hi,

It covers the rented properties to full value. There are instances wherein a home owner may possess a home owners insurance but misses the coverage when he rents it to others. Fire dwelling insurance plays a key role under circumstances wherein an owner may rent his home. He would be covered for the rental earnings for an entire year under circumstances wherein the home suffers a fire damage following which he'd fail to rent it to others for a considerable period.

Thanx, RedOxen


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PostPosted: Thu Dec 04, 2008 12:36 pm   Post subject:   

Quote:
He would be covered for the rental earnings for an entire year under circumstances wherein the home suffers a fire damage following which he'd fail to rent it to others for a considerable period.


If that is the case then I guess you'd at least be safeguarded from spending a lot of money unnecessarily. You'd have an year's income and ample time in hand in order to recover from the damages caused and rent it. But yeah, there are some states where this fire dwelling insurance is not supported by the state. In that case it would not be of any use to you.

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PostPosted: Thu Dec 04, 2008 12:45 pm   Post subject:   

no no no...the OWNER of the property would have a landlords, or non-owner occupied policy....he 'might' also have a 'loss of rents' endorcement...these would be available to the property owner only, and are not a coverage that comes without endorcment...and paying the premium for same...



The OP can only purchase renters policy which covers the renters personal property for certain perils, and also I believe has basic liability coverage, but nothing at all about rent or dwelling.



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PostPosted: Thu Dec 04, 2008 2:02 pm   Post subject:   

Hi, now I'm even more confused...since I'm the owner of my home...just thinking of letting it to other people by Jan'09. A colleague of mine had this fire dwelling coverage and he insisted that I have one for myself while I put it to a rental offer..now what! Purpleheaded08


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PostPosted: Thu Dec 04, 2008 2:20 pm   Post subject:   

Quote:
since I'm the owner of my home


Well, if you are the owner, why do you think you'd need renters?

I think you're not gonna pay the rent over here, rather you're gonna earn out of it. Now, I won't be the best person to tell you whether you'd need fire dwelling insurance or not. Perhaps Lori would be able to guide you in a better way. ArindamSenIndies
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PostPosted: Thu Dec 04, 2008 2:22 pm   Post subject:   

Ok, purple now we see, sorry we must've all misread the initial post...yes, as the owner or landlord, you need to talk with your agent and change this to a landlords or non-owner occupied dwelling policy, discuss with them if there are any endorcements that would benefit you, ie loss of rents etc...



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PostPosted: Thu Dec 04, 2008 3:14 pm   Post subject:   

IMHO, the owner of the property should have a fire policy (to cover the dwelling itself) and the renters should have renters insurance (to cover their personal property in the owners home). If the owner is living some place else (I'm hoping, not out on the street) then he/she should have a property policy (home owners, renters, etc.). I think this policy should be able to address any of the OP's personal property left in the home that is rented out (the OP should check on this with an agent).



OP, you should also see about your renters carrying a renters policy. I don't know if you can require it but it could save you a lot of problems. If the renters burn down the house, how are they going to pay your carrier back?

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PostPosted: Thu Dec 04, 2008 11:35 pm   Post subject:   

LaughingLaughing
Quote:
If the renters burn down the house, how are they going to pay your carrier back?
LaughingLaughing oh brother, it only that were just a joke... WinkCrying or Very sad


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PostPosted: Fri Dec 05, 2008 1:28 pm   Post subject:   

Quote:
If the owner is living some place else (I'm hoping, not out on the street) then he/she should have a property policy (home owners, renters, etc.).


Well, this is truly interesting!

It leaves just 2 more questions for tcope over here-

i) Does it mean that the renters insurance could be covering for both the owner's property as well as the tenant's property?

ii) Is it really possible for a home owner to receive home owners coverage even when he is renting out? (It would really help people like me who're yet to learn more about home insurance).

Thanks..Roddick
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PostPosted: Sat Dec 06, 2008 12:41 am   Post subject:   

Boy, the answers in this thread have jumped all over the place, haven't they? Let me see if I can shed some light on this...



We've established that the OP owns the home and will be renting this home to others. The home will not be owner-occupied, and that alone takes care of one question. In order to carry and maintain a HOMEOWNER insurance policy on the home, it MUST be owner-occupied! Since the OP isn't going to live there anymore, no more homeowner's insurance policy. So, how does he protect the dwelling and any personal property of his that might be in the home after he rents it out?



Simple. A Dwelling Fire policy, preferrable a "DP-3 Special" form. "DP" Stands for "Dwelling Policy" most commonly referred to as a "dwelling fire" contract. A DP-3 will protect the owner from many different perils, it actually has "open perils" coverage on the dwelling with certain exclusions. It also has personal property coverage on a broad-form (named-perils) basis which will cover the owner's personal property on the rental premises, such as a washer/dryer, curtains, etc. The personal property coverage in this policy will NOT cover property of renters.



This policy also has coverage for what's known as "fair rental value" which will cover the loss of rent the owner would run into if the home suffers a covered loss and the tenants have to move out until the damage is repaired. This is normally subject, as previously mentioned, to a 1-year time limit. Other structures located at the residence premises would also be covered under this form, like a detached garage, etc.



Liability coverage for the owner would have to be endorsed onto the contract at extra premium. The base DP-3 does NOT have liability coverage included. This is a HUGE consideration, and must be included as an endorsement. ExclamationExclamation



The renters will have NO protection under this form of coverage. In order for the renters to have any protection, they need to purchase an HO-4, commonly called a "tenant-homeowner" or "renters" policy. This will cover their unscheduled personal property on a named-perils basis, and also provide personal liablility coverage at the coverage amount selected. There is no coverage for the dwelling or other structures in this policy.



Does that answer anything?



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PostPosted: Sat Dec 06, 2008 1:49 am   Post subject:   

Quote:
Does that answer anything?
yes, it does almost, what's for supper?


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PostPosted: Wed Dec 17, 2008 12:11 pm   Post subject:   

Hi Insteacher,



Would you mind explaining a bit more about the benefits of this open perils coverage that you're talking about. See, if you can also add a couple of exclusions for my knowledge.



anonymous00 Smile


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