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a floods not going to be an issue ,it doesnt require a police report or investigation.,. what story are you going to hand the police when a tenant steals all the appliances or torches the inside of the house and its supposed to be owner occupied? think your insurance company will pay that claim? i doubt it.
well if your comfortable doing it the way your doing it then cross your fingers and keep doing it.
like i said i had homeowners claims i put in for a flood too but i never expected a denial when my step brother burgalized us.
insurance companies only cut checks to policy owners not insured. anyone in your household is an insured. it doesnt mean they get a check.
it means there are certain things if they do like torch your house you aint getting a check.......
ill leave the thread saying this.
lying about the property being owner occupied to your bank or insurance company when its not is not recommended . if you do let the chips fall where they may. you have been warned of the dangers..
folks commit tax fraud too all the time and get away with it sometimes forever. others only get away with it until they dont.
Last edited by mathjak107; 12-17-2011 at 05:09 PM..
a floods not going to be an issue ,it doesnt require a police report or investigation.,. what story are you going to hand the police when a tenant steals all the appliances or torches the inside of the house and its supposed to be owner occupied? think your insurance company will pay that claim? i doubt it.
I dont need to tell the police anything other than the truth.. tenant did this, its a crime.. go arrest them Yes, the insurance company will pay..
Quote:
Originally Posted by mathjak107
well if your comfortable doing it the way your doing it then cross your fingers and keep doing it.
like i said i had homeowners claims i put in for a flood too but i never expected a denial when my step brother burgalized us.
Thats because floods arent covered by home owners policies normally. You need extra insurance to cover flooding
Quote:
Originally Posted by mathjak107
insurance companies only cut checks to policy owners not insured. anyone in your household is an insured. it doesnt mean they get a check.
yes, which is why the check was written to ME, not the tenants. You are now disputing your own statements.
Quote:
Originally Posted by mathjak107
it means there are certain things if they do like torch your house you aint getting a check.......
Bull crap.
Quote:
Originally Posted by mathjak107
ill leave the thread saying this.
lying about the property being owner occupied to your bank or insurance company when its not is not recommended . if you do let the chips fall where they may. you have been warned of the dangers..
folks commit tax fraud too all the time and get away with it sometimes forever. others only get away with it until they dont.
No one is lyiing to the insurance company, a homeowners policy covers the HOME OWNER, if I live there, or rent it out, I'm STILL the homeowner
read your home owners policy i bet it states owner occupied. i bet your mortgage states owner occupied. be my guest tell the cops about your non owner occupied house and the damage the tenant did. good luck..
im not sure what your babbling about with the insured getting checks? do you know the difference between a policy owner and an insured? an insured is any member of your household that lives there.
they are covered under your policy. that doesnt mean they own the policy and receive claim payments.
i didnt say i didnt get payed for the flood, and yes the flood was covered as it wasnt ground water. i said the burglary claim was denied because my step brother who was staying with us a few weeks burglarized us and he was considered an insured under policy definitions.
i dont think you can be reading what im writting and making these statements.
why not tell us what insurance company you have or d/m me , ill call them and ask them if their homeowners insurance covers non owner occupied homes. then ill report back. i can tell you geico does not as i spoke to them already. thats how i found out about landlord insurance being needed on non owner occupied.
you will most likely get away with any claims not involving actions by the tenant .
Last edited by mathjak107; 12-17-2011 at 06:05 PM..
I dont need to tell the police anything other than the truth.. tenant did this, its a crime.. go arrest them Yes, the insurance company will pay..
Thats because floods arent covered by home owners policies normally. You need extra insurance to cover flooding
yes, which is why the check was written to ME, not the tenants. You are now disputing your own statements.
Bull crap.
No one is lyiing to the insurance company, a homeowners policy covers the HOME OWNER, if I live there, or rent it out, I'm STILL the homeowner
Sorry but you are not correct. You have to read the declarations, disclosures, endoresment and exclusions of your policy to understand how the coverage works. Most importantly, insurance companies do not want to pay claims and you would be giving them a golden opportunity to deny a claim if you do not declare the property for its true intent. If you insure a home as a primary or principle home rather than as a rental/investment property and then rent it out, the tenants are considered as being covered on your policy and you can not file a claim for any damages caused by them. Yes, you are the home owner in all cases but the rates you would pay are calculated based on the use of the property and the risk associated with that use. Although I'm no mortgage expert, I can only think that mortgage companies in the current economy would also frown on any undisclosed or misrepresented details and would look to put the loan into default if it was discovered. Bottom line for the OP - you'd be better off not misrepresenting the property use. It could very easily come back to bite you.
its never what we dont know that gets us in trouble, its always what we think we know that aint so that does .
the interesting part in new york is that under homeowners insurance it specifically says tenants and borders wont be classified as household members but if you try to hide the fact that you have tenants in the house then its a catch 22 situation. your claiming the house is owner occupied but telling them tenants are in the house and are not insured household members.
good luck trying to keep this lie straight with their investagators if a tenant related vandalisum or theft comes up...
Last edited by mathjak107; 12-17-2011 at 06:18 PM..
The two types of insurance commonly used to insure a rental property are homeowner's insurance and landlord insurance. Although both policies provide coverage for the home, a landlord policy provides additional benefits not available from a homeowner's policy.
It is VERY common to have homeowers policies for rental properties. i've owned rental properties for over 25 years and NEVER had a problem with homeowners policies for rented properties.
like i said ,tell us who your company is and ill call them and ask them flat out . do you know the difference between h03 and dp-3 insurance.? obviously not if you are arguing this.
we are telling you just because you had no problem doesnt mean your not leaving a potential gapping hole by not telling them its a rental and not owner ocupied,. your lucky but your not right.
an h03 policy which is standard homeowners is for owner occupied only. read that again. i dont care if you cover a rental with it,by definition its owner occupied and gives your insurer an out for not paying you.
READ YOUR POLICY READ YOUR POLICY.
i had sent the question to those in the business, heres the answer we got .
"Never use an HO-3 on a property if you live elsewhere; that gives the insurance company basis for denying a claim (This is considered a material misrepresentation of facts). Thus, most rental properties that are not owner-occupied must be insured under a DP-3."
this is in my own policy
Risks NOT eligible:
��Certain risks are not eligible for coverage by any of the forms,
though coverage can be obtained through other means.
��Farms: A farm owners policy can be used.
��Mobile homes: These can be covered by endorsement to a
homeowners policy, by mobile homeowners policy or by
dwelling form.
��Buildings that are not owner-occupied: These can be covered
by another policy designed to fit the use to which the owner puts
the property.
Last edited by mathjak107; 12-18-2011 at 04:25 AM..
Again, homeowners policies WILL cover rented properties, you can get landlord insurance if you want EXTRA coverage, like vacancy coverage, and costs of eviction. I'm not about ready to file an insurance claim for either, that would be beyond stupid.
What happens if the apartment tenant leaves the stove on and it burns down the house (accidentally)? Am I covered for damages and liability?
In general, yes, your policy will cover you for the cost of repairing or replacing thehouse. It will also cover the cost of defending you against any resulting lawsuits and the cost of any judgments or settlements resulting from those lawsuits.
What does landlord insurance cover? If you are interested in renting out a building, it is a good idea to consider landlord insurance. Landlord building insurance will provide you with a more comprehensive plan than homeowners insurance. Remember that all policies are different, and you should ask your insurance agent for a clear understanding of what your specific policy provides. What Is Landlord Insurance? Landlord insurance is a specialized type of insurance that covers your rental properties. Although some landlords use their homeowners insurance to cover their rental properties, this is not the best method of protection. Landlord insurance specifically addresses the real-life issues and scenarios between a tenant and landlord. While it provides traditional coverage for events such as fire damage, many landlord insurance policies also provide reimbursement of lost income resulting from the fire damage.
Its not REQUIRED, and I'd be beyond stupid to file an insurance claim for most of the reasons they've listed as reasons for the extra insurance. I'm not filing one for income loss, I'm not filing one for legal protection since they are all in individual legal entities, and I screen my tenants rather well and I'm willing to take the risk of tenant damage as a cost of doing business.
I'm not going to sit here all day long every day and dispute what I've known to be true for 25+ years. I've got properties in Florida, Georgia, Illinois, Oh, and PA, so excuse me for taking the word of my advisors and insurance companies about whats needed over some anonymous internet poster.
"excuse me for taking the word of my advisors and insurance companies about whats needed over some anonymous internet poster."
scratch " taking the word of your insurance company as part of your adviser list".
ill bet anything if i call them they say their ho3 home owners policy is for owner occupied only .
if your so sure let me call them or dont hand us this bull about what you think. ill gladely appologize if im proved wrong but i highly doubt i will be.
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Yes, the insurance company will pay.. 
