Comments on: As the homeowner, is insurance cheaper listed as a rental or as a second dwelling?

By: Margueritta K

Margueritta K — Tue, 30 Jun 2009 00:14:54 +0000

Sandy R, Home insurance is actually very flexible. I don’t understand all the details of my policy, but my home insurance agent is always helpful. Try calling your agent or a agent in your city. They will be able to help you.

By: mbrcatz

mbrcatz — Sat, 27 Jun 2009 15:18:46 +0000

It depends. Do you want the insurance company to actually PAY OUT if it burns down? IF so, you’ll have to list it as a rental, as YOU don’t live in it. Your son, is NOT YOU. You can’t call him, “household member” and voila! it’s owner occupied. It doesn’t WORK that way.

It’s NOT a second dwelling. It’s a rental property. Even if you don’t collect rent on it.

As to which costs more, it’s pretty much a tossup. Usually, the rental doesn’t have any contents coverage, so that makes it cheaper. Usually, the secondary dwelling doesn’t have LIABILITY coverage, so that makes THAT a bit cheaper.

But if the claim is denied because you lied about the occupancy, it’s going to be damned expensive.

By: carpediemmaster

carpediemmaster — Wed, 24 Jun 2009 21:41:34 +0000

second dwelling although if you lie, it may make your insurance invalid