Does home insurance cover when you rent out the house and the tenant causes a house fire?
Thursday, July 23rd, 2009 at
2:12 am
rlou asked:
Does home insurance cover when I rent out the house and the tenant causes a house fire (assuming the house completely burnt down)? If not, do I need to buy landlord’s insurance or ask the tenant to buy renter’s insurance? Thanks
Does home insurance cover when I rent out the house and the tenant causes a house fire (assuming the house completely burnt down)? If not, do I need to buy landlord’s insurance or ask the tenant to buy renter’s insurance? Thanks
Tagged with: Fire Insurance • Landlord Insurance • Renter S Insurance
Filed under: Homeowners Insurance
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Homeowners policies vary; you’ll want to read the fine print on yours to see if it does or doesn’t cover such circumstances.
YES IT IS COVERED UNDER YOU HOME OWNERS POLICY, CHECK WITH YOUR AGENT FOR THE LIMITATIONS.
IT WILL COVER THE RENTERS PERSONAL PROPERTY WHICH I REQUEST THAT THEY CARRY WHEN THEY RENT FROM YOU.
I believe you have to list the property as an investment w/ the insurance co. which will increase your premium due to the higher risk, but the 1st response is a good 1….
Read the fine print…or do what I do and tell them to find what you want to see in the paperwork and let them find it for you.
I like to delegate tedious tasks
John is wrong.
“Homeowners insurance” covers the owners dwelling [house/garage] and contents [owners personal property on the premises]. “Owner” [landlord if he is the owner] takes out this policy and is responsible for the premiums. If building is leased or rented out, it does NOT cover tenants personal property, such as furniture, electronics, etc, or even tools borrowed from a neighbor.
“Renters insurance” covers the tenants personal property only. They take out this policy and pay the premiums.
Home owners policies cover every circumstance EXCEPT what is listed in writing, or “exemptions”. These are normally: floods [obtain this through FEMA], home businesses losses [such as a fire in a residential garage being used as auto repair business], or anything else that is listed in writing. If your house up in Alaska gets stampeded by purple elephants, and it is NOT listed as an exclusion, it WILL be covered.
You would have to consult with your agent on that… If it’s a basic policy, probably not.
Renter’s insurance covers the renters things, not yours, as far as I know.
Ask your agent… they would know better and be better aquainted with the laws where you live.
you need to get a special policy from the insurance company, and you should also tell your bank if you still have a mortgage, that you are renting the place. YOur homeonwer’s will not cover the damage.
home, swishhome,