by jpfreestuff2010 » Mon Jul 19, 2010 04:34 pm
Hi,
I own a two family home, and have always lived in one of the units until now. I am moving out of state temporarily, but it may turn out to be permanent. A relative is moving in to my unit in the interim- she will be paying me some rent, but lower in exchange for helping with the house. Do I need to change anything in my insurance at this point? If not now, do I need to change anything if the move ends up being permanent?
I own a two family home, and have always lived in one of the units until now. I am moving out of state temporarily, but it may turn out to be permanent. A relative is moving in to my unit in the interim- she will be paying me some rent, but lower in exchange for helping with the house. Do I need to change anything in my insurance at this point? If not now, do I need to change anything if the move ends up being permanent?
Posted: Mon Jul 19, 2010 04:54 pm Post Subject:
First, you really need to contact your insurance agent and ask. Do you still have personal property in the home (that you own)? If not, you could change your home owners policy to a dwelling ("fire") policy. This would exclude coverage for your personal property inside of the home. If you have personal items in the home, but they are limited, they _might_ be covered under your other home owners policy. But this is why you need to speak to your agent... they know (or should know) what the insurance company's policy covers and what it does not.
Posted: Tue Jul 20, 2010 12:07 am Post Subject:
While a dwelling policy is probably the correct solution, there is nothing that prohibits you from paying higher premiums for a homeowner's policy that might provide additional benefits.
But this is why you need to speak to your agent... they know (or should know) what the insurance company's policy covers and what it does not.
Posted: Tue Jul 20, 2010 08:08 am Post Subject:
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Posted: Mon Aug 29, 2011 02:02 am Post Subject:
I agree you should contact your agent, but since the move is only temporary right now, you may not need to change policies.
If you are renting at your temporary address, you should get renters insurance.
Posted: Mon Aug 29, 2011 02:02 am Post Subject:
I agree you should contact your agent, but since the move is only temporary right now, you may not need to change policies.
If you are renting at your temporary address, you should get renters insurance.
Posted: Mon Aug 29, 2011 06:28 pm Post Subject:
You all need to remember that a homeowner's policy requires "owner-occupied" in at least one of the units.
InsTeacher 8)
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