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Old 09-02-2010, 06:53 AM
 
237 posts, read 1,008,119 times
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I recently moved to Florida from New York, but in these economic times, have not sold my house in NY. I would like to rent out my house in NY to help with costs associated with owning both homes.

I found a tenant, and I'm trying to covert the home owners insurance into a renter's insurance policy, but my insurance company told me that they wouldn't write me a policy because my Florida home owner's insurance is not with them. This company doesn't write in Florida, so I don't have a choice. I've called another insurance co. and they told me they would have been able to convert my home owner's to renter's ins. if I was with them, but that they couldn't just sell me renter's ins. at this point.

So am I understanding this correctly in that my home that I'm going to rent out can not be insured? If I just leave my NY house with the existing home owner's policy and don't bother trying to convert it to a renter's policy, would I be covered if something happens to the house? There would be no point continuing to pay for coverage if coverage would be void because I have renters in my house.

I don't understand this insurance thing so if any one can shed some light for me, I'd really appreciate it.
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Old 09-02-2010, 07:16 AM
 
Location: San Antonio, Texas
3,489 posts, read 18,985,446 times
Reputation: 2692
Instead of calling an insurance company directly, call several insurance "brokers". Brokers represent many insurance companies and will have resources to provide different insurance packages to help you. A broker will help you with your insurance needs in both Florida and NY. It's much less frustrating.
As for your rental house, I do not think the "homeowners" policy will cover a rented house. It's also too much coverage for your needs. I'm sure a broker can get you what you need.
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Old 09-04-2010, 05:15 AM
 
10,624 posts, read 23,950,455 times
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You can, and should, insure your home whether you live it or not. ( if you still carry a mortage, you are required to have enough coverage)

You should also require your tenants to carry rental insurance. This way your home is covered and their personal belongings are covered, if God forbid the place burns down.
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Old 09-04-2010, 06:54 AM
 
Location: DFW - Coppell / Las Colinas
39,305 posts, read 44,472,659 times
Reputation: 49932
I think you're using the wrong term. You don't want "Renters Insurance". That's what you take out when you rent an apartment and only want to cover stuff like your TV.

You need full blown home owners insurance coverage which will be more expensive on a rental because you don't live in the house. If you have assets, you might also want additional coverage by increasing your limits or an umbrella policy.

Talk to a good broker, it can be very risky to be under insured when you have a tenant in a rent home.
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Old 09-04-2010, 07:10 PM
 
Location: San Antonio, Texas
3,489 posts, read 18,985,446 times
Reputation: 2692
You can not get "homeowner's insurance" on a rental. If you do not live in the house you do not need the broad coverage of a howowner's poilcy. An insurance carrier will not write a homeowner's policy for a rental. A homeowner's policy generally covers the house and contents and out buildings, plus other coverage. If the house is not lived in but being rented out, it needs a "fire policy" for a rental. It will cover the house and a portion of the owner's property, such as appliances. Not the whole contents.
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Old 09-07-2010, 04:18 PM
 
Location: San Jose, CA
7,688 posts, read 27,803,583 times
Reputation: 3611
Quote:
Originally Posted by Rakin View Post
I think you're using the wrong term. You don't want "Renters Insurance". That's what you take out when you rent an apartment and only want to cover stuff like your TV.

You need full blown home owners insurance coverage which will be more expensive on a rental because you don't live in the house. If you have assets, you might also want additional coverage by increasing your limits or an umbrella policy.

Talk to a good broker, it can be very risky to be under insured when you have a tenant in a rent home.
On the topic of renter's insurance, the liability portion of it is the most important, followed by loss of use.. the personal possessions are last. I had to use my policy because someone else unintentionally torched their apartment.. it was a big claim, but it was nothing like the lawsuits leveled on the lady who caused the fire, and she had no insurance.
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Old 09-08-2010, 04:02 PM
 
Location: Little Pond Farm
559 posts, read 1,296,993 times
Reputation: 506
In the same situation. Pay 950+ for Homeowners and called to get a quote for Rental Insurance. I figured Rental Insurance would be less expensive because there is no personal property, I was wrong. Rental Insurance is an extra 500.00 a year! What I need to do is read my home owners policy and find out if I can simply keep Homeowners with a tenant.
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Old 09-09-2010, 09:51 AM
 
148 posts, read 129,393 times
Reputation: 89
If you are renting your home out you do not need renter's insurance, you need a Landlord insurance policy. (The tenant needs renter's insurance to cover their personal property.) The landlord insurance policy will sometimes be more expensive because it covers loss of rent and should have a vacancy clause as well.

If you have a tenant in the home and do not convert your policy you may not be covered if anything happens to the home. Check your current homeowners policy to confirm.
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