Posted: 17 Jun 2008 07:56 Post Subject:
I'm an adjuster not an agent but what about a homeowners policy (H0-2?) as he owns the home. This would cover the building, the owners personal property as well as liability. I see no difference then if the home owner had a roommate that paid rent.
Posted: 17 Jun 2008 08:54 Post Subject:
I see no difference then if the home owner had a roommate that paid rent.It's not a room mate t, (if I understand it) it's a duplex...I think he's gonna need something that insure's that side as a dwelling only and some type of landlords liability as well. And of course and HO on his own side...
Posted: 18 Jun 2008 11:43 Post Subject:
I'd think an HO-2 would provide dwelling coverage for the entire building even though it's divided into two living spaces as it's still one building but I could be wrong about this. I highly doubt two policies would be needed. I don't see that any special landlord liability policy is needed as an HO policy would provide this type of liability coverage anyway.
Posted: 18 Jun 2008 12:07 Post Subject:
highly doubt two policies would be needed. I don't see that any special landlord liability policy is needed as an HO policy would provide this type of liability coverage anyway.I don't think it would have to be two policys...also (and I could be wrong it's been awhile since I handled these 'types' of claims) I think the standard HO policy excludes liablity for type of tenants, (that the insured charges or is paid a fee for their occupancy)...When I had rental property I had a 'dwelling' (or then it was a b450 I think) policy with 'landlords' liability endorcment....covered me for anything that could happen to my tenants due to my negligence...
Posted: 18 Jun 2008 12:09 Post Subject:
Exludes liability coverage to the insured for injuries to tenents?
Posted: 18 Jun 2008 12:14 Post Subject:
Exludes liability coverage to the insured for injuries to tenents?I think that the standard HO (owner occupied) policy excludes any liability (that the insured would/could be held liable for) for any 'tenants'....like (for instance) how it excludes liability (or even medpay too for that matter) for a resident of the household...same type of exclusion.
Posted: 18 Jun 2008 12:21 Post Subject:
Agreed... but I see no reason (nor any policy) why a landlord would want to extend liability coverage _to_ a tenant. That is, the landlord would not need to cover the tenant for the tenants negligent actions. The landlord only needs to protect his/her property and have coverage for his/her own liability. Just a an apartment complex owner is not going to provide liability coverage to their renters.
Posted: 18 Jun 2008 12:31 Post Subject:
That is, the landlord would not need to cover the tenant for the tenants negligent actions.agreed..
The landlord only needs to protect his/her property and have coverage for his/her own liabilityRight, liability protection for the ins/landlord against or for anything that the insured landlord could be found negligent for regarding a tenant...like that post we had were the landlord had a bad step or something and the tenant fell and was injured...that landlord was negligent, and thus liable for the injuries to that tenant...I'll look and see if I can find that old policy/endorcement...Most (or all) standard HO policys exclude liability coverage (meaning collecting under that coverage) for a resident of the household/building right? The tenant is an occupant or resident of the building...so unless there is something other than the standard HO policy, I think there might be an issue...I just know that I had this endorcement on my rental, (actually I think it was required when it's a non-owner occupied dwelling here or with the company I was insured with one or the other)....and handled several claims (again YEARS ago)...with tenants falling etc....course they had this landlords liability coverage...am I making any sense at all? If you had a standard HO policy, and the 'tenant' tripped and fell would there be ANY coverage? medpay or liability? see I think it's excluded, as a resident and also as a tenant...what do you think?
Posted: 23 Sep 2008 12:51 Post Subject:
HO for the side she lives in. Landlord for the tenant's side.
Posted: 23 Sep 2008 08:14 Post Subject:
I would think a HO policy will cover the whole building. Just make sure that if it is two addresses that both are recorded and the Building RC is for the whole building - not just one unit.
And it is always good advice for a landlord to insist that tenant's have a tenant's insurance policy. That covers the tenants contents and legal liability.
Posted: 23 Sep 2008 08:18 Post Subject:
Technically, the best way to do it would to rate the home as a "multi-family" home. At least, we have that option - and would probably do it that way. The tenants personal belongings would not be covered as they are not listed on the poicy. They would still have to get a renter's policy.