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I'm curious as to the difference. My policy still says homeowners, since I am, but they know its a rental. Kept the same company, the rate just went up, and probably some liability coverage. Also added some protection for me if a tenant goes nuts and trashes or steals all my appliances.
well aside from the fact h03 homeowners states it is for owner occupied only here is a major difference.
ho3 homeowners covers household members for liability ... each state has a law that says after x amount of time someone living under your roof is a household member.
that creates issues when it is a rental. AUTOMATICALLY YOUR TENANT FALLS UNDER HOUSEHOLD MEMBER since there is no other option with owner occupied homeowners insurance.
first issue is you can be sued for the actions of your tenant by others even if not apartment related since they are a "household member " under homeowners.
the 2nd issue is any tenant who vandalizes your place or arson or even steals things from it is an insured just like you are. that is akin to an insurance job and they can deny any claim.
it happened to me . geico denied the claim because the person who committed the action had been considered a "household member after 72 hours in our state.
finally if I agreed to prosecute them they agreed to pay but they did not have to.
playing around, using owner occupied ho3 can leave you in a bad situation if something happens with a tenant as tenants don't exist under h03 unless it is a 2 family house and you are one of the families..
playing around, using owner occupied ho3 can leave you in a bad situation if something happens with a tenant as tenants don't exist under h03 unless it is a 2 family house and you are one of the families..
What is h03?
h03 is just the normal Homeowner Insurance, right?
ho3 is standard homeowners for owner occupied homes
What is called when it is a rental home?
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