by Guest » Thu Dec 04, 2008 09:15 am
Gonna rent my home sooner or later..hope i'd qualify for a renters policy.
Is there a need for fire dwelling coverage? Purpleheaded08
Is there a need for fire dwelling coverage? Purpleheaded08
Posted: Thu Dec 04, 2008 09:39 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.
Roddick
Posted: 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.
Posted: 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
Posted: Thu Dec 04, 2008 12:36 pm Post Subject:
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.
Posted: 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.
Posted: Thu Dec 04, 2008 02:02 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
Posted: Thu Dec 04, 2008 02:20 pm Post Subject:
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
Posted: Thu Dec 04, 2008 02:22 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...
Posted: Thu Dec 04, 2008 03:14 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?
Posted: Thu Dec 04, 2008 11:35 pm Post Subject:
:lol: :lol:
If the renters burn down the house, how are they going to pay your carrier back?
:lol: :lol: oh brother, it only that were just a joke... :wink: :cry:Add your comment