Do landlords usually have homeowner insurance?
Wednesday, May 20th, 2009 at
11:29 am
John asked:
Do landlord usually have homeowner insurance? Also is it true that most homeowner insurance have liability coverage? And if they took out a mortgage does the mortgage company require them to have some kind of homeowner insurance?
Do landlord usually have homeowner insurance? Also is it true that most homeowner insurance have liability coverage? And if they took out a mortgage does the mortgage company require them to have some kind of homeowner insurance?
Tagged with: Insurance Coverage • Landlord Insurance • Mortgage Company
Filed under: Homeowners Insurance
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Landlords carry insurance on the dwelling but it’s not homeowner’s insurance. It’s specifically for property that is rented out. It does not cover any of the tenant’s belongings so a tenant needs to get renter’s insurance to cover their stuff.
For single family dwellings landlords keep what is called a “Landlord Policy” on the property. This covers the dwelling, slip and fall cases, etc. No coverage is kept for personal property at all as this is the Tenant’s responsibility.
For condos, there is even less coverage as the slip and fall is covered under the HOA’s policy for the common areas. These policies cover only things inside the walls of the individual unit.
If there is a mortgage on the property, yes, the mortgage older requires that a policy be kept on the dwelling. The mortgage holders do not care about the personal property inside a unit.