Homeowners Insurance Question

by malmit » Wed Jan 10, 2007 04:07 pm
Posts: 1
Joined: 10 Jan 2007

I just bought a new house and am deciding whether or not I should rent out my existing townhouse. I am wondering what changes I need to make to my current homeowners insurance policy so that it is geared towards a rental property (not covering the renter's property in the house)? Is insurance on a rental property more costly then a primary residence?

Thanks in advanced!
Tim

Total Comments: 10

Posted: Thu Jan 11, 2007 08:46 am Post Subject:

Hey Tim,

I gotta rush now to pick my daughter up from her friends' home. I will certainly want to say something on ur query. In the meantime, I would suggest you go through this:

http://www.ampminsure.org/home-guide.html

Thanks,
Sasha T

Posted: Thu Jan 11, 2007 10:41 am Post Subject:

Hi, believe me standard homeowners policy shouldn't be the right thing for your rental property since-
i) If you don't have any furnished accommodation theres no requirement to insure the contents.
ii) Better check out the liability issues.
iii) Try to Safeguard from any loss in terms of rent.
Thanks, Fatman

Posted: Thu Jan 11, 2007 10:48 am Post Subject:

Hey! You may rest assured that your tenant's renter's insurance won't have any benefit for you since you're the owner. BTW, I was heartbroken after coming to know that Sasha is married and has a daughter too. ;)
Regards,
Brian

Posted: Thu Jan 11, 2007 11:38 am Post Subject:

Hi, I'm back n I think most of the insurers who offer commercial insurance can certainly offer you a policy on your rental policy. These policies might just offer replacement cost coverage when other policies might be dedicated towards insuring your property. This could happen on an actual cash value basis. Many of such polices might jus only aim at covering a couple of mishaps (eg. fire) when their counterparts might share broader perspectives. That's perfectly the reason why you'd shop a lot to satisfy your home insurance need !

BTW, I was heartbroken after coming to know that Sasha is married and has a daughter too.


Yes Brian, I have been married for 10 yrs and have a 8 year old daughter. :lol:
Sasha T

Posted: Fri Jan 12, 2007 04:48 am Post Subject: rental policy

Tim, the policy you're looking for Tim is called the DP policy. DP 1 is a actual cash value policy, this means that for example if you have a hailstorm come through your area. The insurance company would only pay you the actual cash value of the loss. A DP 2 is a replacement cost policy but has several endorsements that reduces the payout. A dp3 insurance policy is a replacement cost policy and has fewer endorsements. You may want a check with your current homeowner agent. And see if you can get a 10% expansion from your current policy.

Juan Casper :D

Posted: Fri Jan 12, 2007 05:12 am Post Subject:

try at oneshopinsurance and get there online quotes for free
heres there site http://www.oneshopinsurance.com

Link deactivated as per forum rules, thanks.

Posted: Fri Jan 12, 2007 05:27 am Post Subject: Rental Insurance

Tim, I am an independent property adjuster and I think I can give you an answer in regard to rental insurance. The first thing I would do is call my current homeowner agent. Ask if you can get a 10% extension for your rental property on your current policy. I know without a doubt you can buy a DP policy. A DP policy is set up for rental property, a dp3 insurance policy would be a replacement cost policy and would cover all of the exterior of the property. Interior damage would be covered it and named peril created and an opening on the exterior. A DP 2 is also a replacement cost policy but has several endorsements that reduces payment for some storm related damage. A DP 1 is an actual cash value policy which means the insurance company would only pay you the actual cash value of loss. For example if you had a hailstorm that came through the area and damaged your roof and the roof was 5 years old. The insurance company would only allow you 80 percent of what it would cost to replace the roof, less your deductible.

Posted: Tue Jan 23, 2007 07:58 pm Post Subject: DP 1 Policy for a duplex rental

Should I take a dp1 or dp3 insurance policy the diference is $1,000 Dp 3 is $2,500 or DP 1 is#1500

Posted: Thu Sep 11, 2008 03:39 pm Post Subject: Property Insurance Details

If you need the property insurance details, take a look on this link. Lots of advantages.

Post edited and link deactivated as per forum rules, thanks.

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