Can I keep insurance on a vacant home?

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PostPosted: Wed Oct 24, 2012 10:01 am   Post subject: House insurance  

I have a second home that my wife's mom use to live in until she passed away.

The house is still furnished but nobody is living there. I frequently check the place and the utilitys are in our name. My question is what type of insurance do I need.


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Michigan2of2
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PostPosted: Wed Oct 24, 2012 3:11 pm   Post subject:   

You need a Dwelling Policy (DP-1, -2, or -3) to cover the structure and installed fixtures. Due to the vacancy issue, it generally will not cover Vandalism and Malicious Mischief (VM&M) or other contents unless you add endorsements for the specific coverages. Other exclusions may also apply. Work with a local agent to find the most appropriate coverage for your needs.



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PostPosted: Tue Mar 05, 2013 1:22 am   Post subject: Do I need to pay rent  

My mother passed in 2011 and my sisters and I are co-owners of her house. I am currently residing there with my son and husband. I was recently told that I may have to start paying rent at the house in order for the homeowner's insurance to be kept. Is this true or does the home even need to be occupied for the insurance to stay alive. The person who spoke to the ins. company did tell them that some one was in the home but NEVER stated that I was one of the co-owners. Will I have to pay for something I'm owning????


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shortstuff
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PostPosted: Tue Mar 05, 2013 6:26 pm   Post subject:   

Quote:
I was recently told that I may have to start paying rent at the house in order for the homeowner's insurance to be kept. Is this true or does the home even need to be occupied for the insurance to stay alive
While it is true that an unoccupied dwelling will not necessarily have the full coverage provided under a homeowner's policy, there is no requirement that anyone pay "rent" for the insurance to be in or remain in force. If that were true, what would homeowners do who no longer had mortgage payments to make?



The homeowner's insurance simply needs to be in the names of the property owners, one of whom needs to occupy the dwelling. If no owner occupies the dwelling, then you don't need homeowners, you need a dwelling policy.



If your name is not on the homeowners policy, your personal property inside the dwelling is not covered by that policy, and you would need a renter's policy to cover it.



Sounds to me like you need to talk to a local, experienced insurance agent or broker about your insurance needs, not your friends who don't know what they are talking about.


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MaxHerr
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PostPosted: Tue May 21, 2013 6:54 pm   Post subject: Home owner insurance  

I recently purchased another home and my other home is going to be occupied by my sister can I be on both insurance policies or do I need renters insurance ?


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Godly
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PostPosted: Tue May 28, 2013 5:14 am   Post subject:   

Renters insurance is for the person who occupies the dwelling -- it covers their personal property more than anything else.



As the owner of the property you need a Dwelling Policy -- probably a DP-3.



Work with a local agent/broker to determine your coverage needs and find the best policy to provide that coverage.



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PostPosted: Tue Jul 23, 2013 3:40 am   Post subject: Home owner not living in home, but friend is living in it  

My sister is in the Nursing home. She still has her Home owners insurance, but a family is living in her house. No rent charged,but they pay for the insurance and taxes for living there. Can the insurance remain just as it is


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PostPosted: Tue Jul 23, 2013 5:03 pm   Post subject:   

ABSOLUTELY NOT! Your tenants have no insurable interest in the property, and it is probably unlawful to make them pay for the insurance and taxes. None of those things are their responsibility.



Your sister, if she is the only one on title, needs to change her coverage from homeowners to a dwelling policy. The tenants need their own policy to cover their personal property and to provide themselves with liability coverage for any damage thay cause to the home.



If your sister is legally incapacitated, then someone needs to petition the court to be appointed conservator of her estate. Once that person has been appointed, he/she may take care of changing the insurance. Someone needs to talk to the insurance company ASAP about this situation before anything dreadful happens.



The longer you wait to take care of this, the more difficult your situation will be in the event of a claim. And "no rent charged" while at the same time paying taxes on the property could actually expose the property to a "squatter's rights" claim of possession. Let me take a wild guess here . . . you have nothing in writing that could be described as a rental agreement or lease, do you?



This is a bad situation that would really become horrible. You might not even be able to evict these folks if you were to ask them to leave and they refused.



Get competent legal advice IMMEDIATELY!!



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PostPosted: Wed May 06, 2015 11:05 pm   Post subject: renters moved  

Renters moved having to do minor repair my take two months what type of coverage do I need


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PostPosted: Wed May 13, 2015 2:16 pm   Post subject:   

If you have a DP policy, you are covered.



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PostPosted: Fri Feb 24, 2017 7:53 pm   Post subject: Vacant property in Chicago IL  

My mother died in December of 2016 ,she had no home owners insurance on her home . I am the executor of the estate, how can i get home owners insurance on a home ?


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PostPosted: Fri Feb 24, 2017 7:53 pm   Post subject: Vacant property in Chicago IL  

My mother died in December of 2016 ,she had no home owners insurance on her home . I am the executor of the estate, how can i get home owners insurance on a home ?


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Chicago kid
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Daphne Floyd
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PostPosted: Tue Oct 10, 2017 11:26 am   Post subject: Super!!!  


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PostPosted: Tue Oct 17, 2017 11:10 am   Post subject: Super!!!  


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