Does home insurance cover when you rent out the house and the tenant causes a house fire?

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

Homeowners policies vary; you'll want to read the fine print on yours to see if it does or doesn't cover such circumstances.

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.

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 ;-)

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.

home, swishhome,

http://www.01dong.com

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.

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.

Whats the difference between home insurance and rental insurance?

for my rental property? Is it a good idea to switch home insurance to rental insurance when a tenant is living in my rental property just in case if they smashed some holes on the wall, or some damages on the property?

Thanks!

You need to change or they will not pay if you have a claim.

Holes are not covered, neither is most tenant damage.

But, you still need fire damage, weather, etc etc.

Also, if you are going to allow animals check your policy, they are not likely to cover your property if you allow any dangereous animals.

I am a landlord AND an insurance sales rep so I have experience from both sides of the situation.

You couldn't get "renters" insurance because that is the coverage a tenant gets to cover their belongings, it don't cover the home.

Now you don't need "full" home owners insurance. It is a waste of money on your part. If your personal home burns down you need coverage on the home and your contents inside. If your rental home burns down, what do you need covered? Just the home, not the contents. As a landlord you are NOT responsible for the tenants contents. You need to reduce your home owners policy to only structure coverage. It will cost much less and is best when it comes to responsibility, if something should happen.

You should contact a company like State Farm(they pay claims really well), Farm Bureau, American Family(although I personally don't care for them and how they pay claims). They are going to have more knowledge on what you are looking for.

I know of homeowner’s insurance which covers the owner’s property, and renter’s (not rental) insurance, which covers the renter’s property. You should inquire with your home insurer to make sure your current policy is the best one for your needs.

If you have a mortgage, you are required to maintain homeowner’s insurance. Renter’s insurance is something your tenant chooses to get on their own.

OWNERS get home insurance to cover the structure and the property incase of fire and things like that.

TENANTS get renters insurance to cover their personal belongings.

If a tenant puts a hole in the wall THEY have to pay for fixing it - that would have nothing to do with any insurance anyway.

Insurance on your rental property is much reduced from the coverage on your home. There is much more risk with a stranger living in it. It costs the same but covers less. It covers accidents but a hole in the wall is seldom covered. Fire would be covered.

No. You are the property owner and need home owners insurance. If your tenants cause damage you will be covered under that. Your tenants need rental insurance to cover their own belongings in case of a fire.

Insurance on your personal residence covers the house and contents. A fire policy on rental property only covers the structure, but not the tenant causing damages. That's what the security deposit covers.

home owners protects you the home owner.from loss..just insure it as a rental. If the renters want to protect their stuff they need renters insurance.

You definitely need to switch your coverage if the home is not owner-occupied.

Who pays for the home insurance when you let your house?

I ask this question on behalf of my friend, who lives in Malaysia. He wants to know what the law in England will be in this case.

My friend is gonna let his house to another, so that he can have some income. A question arises: They need to buy a home insurance in case there is an accident like fire. Apparently in Malaysia, a homeowner doesn't have to buy insurance for his house.

So in this case, who should pay for the home insurance, the homeowner or the tenant? I mean, the rental period is 2 years, and the insurance, if paid, will cover for 2 years only.

whoever owns the house

duh

Buildings cover is still the responsibility of the home owner however insurers usualy excluded window cover if they know the property is let. Contents insurance would obviously lie with the person renting the property.

Genreally as in all insurance the owner of the item to be insured is responsible for insurance.

To ask, your friend must be a money grabbing git.

If burned down, and insurance builds a new house, is it the tennants house now, if they paid insurance?

I hope your friend isnt malaysian, bought a house over here (when so many English people cant afford housing) and now hopes to milk our economy.

I'll burn it down myself.

Remember, tennants arnet cattle....theyre the customer, they, PAY your friend. He's the "employee" in this arrangement.

Cheeky Git!

The homeowner in England. he will take out insurance as he needs it.

The building insurance is his , he should let the company know the property is rented or it will invalidate any claim.

If letting through an agent make it part of the contract of tenancy that the tenant also insure as contents policy's also cover landlords fixtures and fittings, such as bath, kitchen units decoration etc .

usually the property insurance is the responsibility of the landlord - it is his property after-all and if it burnt to the ground he would want to be able to replace it.

the contents insurance is the responsibility of the tennant, its their property, and if it gets destroyed in the fire they will want to replace it.

Normally the home owner would buy homeowners insurance to protect his interest in the property. At the same time a tentant could buy renters insurance to protect his personal property. Usually if there is mortgage on the property the mortgagee will require the homeowner to carry sufficient insurance. If there is no mortgage, the homeowner does not have to have insurance, it's just a good idea because a house is a sizable investment and these things do catch fire occasionally and sometimes a car will run into it.

Who has responsibility for this expense should be stated in the tenancy agreement.

He would have to pay for the insurance his-self.

the owner if something would happen how would he get his money from the house always have insurance on anything of yours, he can always add it to there payment

If I were the owner I would get insurance (to include liability insurance) myself. It is my property and I would not trust someone else to insure it properly. I would consider the cost of the insurance as part of the cost of doing business (and adjust the rent accordingly)

the home owner

If the owner lets someone else pay for the house insurance, it's a big mistake - because if the other person doesn't pay on time, the policy gets cancelled, and the house burns down, the owner is SOL.

The owner needs to include the cost of insurance in the rent he is charging, and pay for it himself.

It is not a legal requirement in the UK for a home owner to have buildings insurance (bricks and mortar) or contents however it my be required as part of a mortgage agreement.

As both parties (the owner and the tennat) have insurable interest each party can take out insurance on the same property.

In this scenario it would be worth the owner of the house to take out buildings insurance and the tenants taking out contents. If the owner of the house is leaving any of their possessions in the house it may be worth extending it to cover limited contents. I would certainly advise your friend to take out the scenario above. If there is any more confusion phone up your local brokerage or phone around explain the situation to the adviser then go from there. Hope this is of help.

Why home insurance companies are sensitive to lapses in the insurance?

When I shop for a home insurance I am always asked if my home is currently insured or if there are lapses in my insurance policy. Some companies outright refuse to give me a quote when I tell them that I haven’t had home insurance in the last 3-4 months. I am wondering why this is important for them?! They just referred to their company policy and did not give me any meaningful reasoning. Thank you for your answer.

Insurance companies are wary of lapses in any kind of insurance policies. In your case it just happened to be home insurance.

The single most feared factor in the insurance business is not hurricanes, not bush-fires, not wars, not meteor strikes but what's known as 'moral hazard'. Moral hazard is, in simple terms, lack of inhibition in preferring a claim under less than above-the-board circumstances.

For example, if your camera is insured for home use only, you cannot make a claim if the insured camera suffers damage during a jungle safari. Most of us, being honest persons, would not even want to claim under such circs. However, since, as a rule it takes all kinds to make this world, there exist individuals who would make a claim as if the damage occurred at home. Such individuals are considered to be 'moral hazards'.

Coming back to your original question, insurance companies know from empirical evidence that the incidence of moral hazard is greater - much greater - in those cases where there's a break iin coverage. It's likely that the insured is trying to renew the policy after a loss has occurred.

You need to provide evidence to the insurance company that you did not intend to let the policy lapse. That it lapsed, is a fortuitous happenning (please note the wording - underwriters love such language) and not a deliberate omission. 'I do not want to be penalised for something over which I had no control' is the line you need to take. You could strike lucky with this line.

Because it drastically increases the risk, that whatever the "something" is that you're insuring for, has already happened, and you're going to try to commit insurance fraud with them by trying to claim it happened right after you bought the policy.

If they would issue you a policy, how long before you would let it lapse???

It costs time and money to issue a policy. It you are not going to keep it up to date, it is a waste of time for them to consider you as a potential customer.

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