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Should I buy Home Owners Insurance or Renters Insurance?

Jan 28, 2008 by Jennifer T | Posted in Insurance

Q: I am buying a home on a settle on contract. Should I get home owners or renters? Also if I carry the insurance does the owner have to carry a policy too?
But are they theoretical to pay that or am I? So am I supposed to get renters and she is to carry home owners?

A: Until you take subhead, you are renting/leasing. Property owner needs to carry the homeowners insurance untill you take realized title in most states. MI, I believe, occasionally puts a LC buyer in title; in the end, verify with your state insurance people to be certain.

Who pays what should be spelled out in the land contract. each is other. usually you pay the renter and they pay the owner; but I've seen it done where the buyer (you) pays both as terms of the harmony. A land contract is not a standard real estate purchase agreeement. EVERYTHING has to be spelled out up front and written in.

I had renters who burned down my home, my insurance company is reviewing the case any advise?

Dec 30, 2008 by campbell62k | Posted in Insurance

Q: I have a home owners insurance conduct and assumed that was enough coverage, the renters had renters insurance when they rented from me but did not keep up their payments. The insurance company said they need to criticize my claim because they are questioning whether my policy should cover this because I did not inform them of renters. My agent knew I was renting the realty. I did not know that I was required to have a bigger policy than I already have. Isn't home owners coverage supposed to keep the home owner?

A: Home insurance covers lots of many things. I don't understand all the fine print of my policy, but my homeowners insurance agent is always productive. Try calling your agent or a agent in your city. http://www.easyhomeinsuranceguide.com They should be able to balm you.

How can I buy an umbrella liability insurance policy without having a home owners or renters insurance?

Jun 08, 2007 by ADIL M | Posted in Insurance

Q: I own a rental hallmark in Houston. Since I live overseas and do not have home owners or renters insurance, the insurance company of my investment property will not indite a $1000,000 umbrella policy. My investment property's dwelling policy has $300,000 liabililty coverage in it.

Is there any way I buy $1000,000 coverage policy? Any names of insurance companies?

Thank you
Thank you everyone who took time to rebutter my question. Here is few clarifications:

I personally own the house and not through a corporate entity?

I have a dwelling ways TDP-1 on my rental. It is written by CYPRESS TEXAS LLOYDS.

I called the agency who sold me this regulation. They said they can bump the current $300,000 liability to $500,000 for additional $500 per year.

This would certainly helpers but I want $1 million coverage.

A: You say you have a domicile policy on your rental so I'm guessing it's residential (1-4 units) and it's properly insured as a rental. Who owns the trait, you personally or through a corporate entity? If it's personal you can try a company called RLI (public friends, look up their web site and find an agent). They allowed umbrellas without supporting business. If it's owned by a corporate individual, you'll need a commercial policy with commercial umbrella.

You may want to inquire if the home policy can be bumped to $500K on liability limits. My blog has an article on abode coverage for rental properties you may find interesting.

Renter's Insurance; Apartment Home Living Video

This apartment tip video from www.ApartmentHome Living.com offers out-and-out advice on the in's and out's of renting and renter's insurance.

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