my mother owns my grandmothers home now, and i rent it, but the house is supposed to have homeowners insurance which i am not sure of, but she claims that she had to get renters insurance for me. arent i supposed to get renters insurance myself seeing as though i am the renter????? dont i have to list all of my own possessions???
2006-09-24 11:32:34 · 8 answers · asked by ic 6 in Home & Garden ➔ Other - Home & Garden
1. No. You are either the renter, or the homeowner.Check with your own insurance (car or otherwise) company to verity.
2. The reason is you are either a renter or a homeowner. If you do not own the home, you cannot get homeowners insurance.
If you are a renter, get renter's insurance to cover all of your valuables. Keep receipts especially credit card statements which you would need to prove that you bought clothing, towels, bedding, furniture and such. Especially keep records of big purchases, TVs, cameras, computers & other equipment, furniture and such, especially again credit card statements for proof and year of purchase. You have to estimate the value of what you intend to insure. Keep the list and if you make major purchases, you can notify the insurance company. Remember that you only ever get the depreciated value of something if you lose it by fire/or other loss that is specifically mentioned in your rentor's policy.
3. There is a big difference but it is simple. If you don't own the property, you cannot buy homeowner's insurance.
4. By the way: Don't ever lie to an insurance company, even by accident. If you lie by accident, tell them immediately.
If you ever lie (sometimes lying by omission) and you try to collect on a claim, they have investigators and will find out. Then you will have no insurance!
Yes, it's best to have some kind of insurance even if you give a stated value of $5,000 for everything and keep your list as stated above, or $5,000 in furniture and $3,000 in computer and equipment for total of $8,000 to insure.
Good luck!
2006-09-24 11:56:36 · answer #1 · answered by May I help You? 6 · 0⤊ 0⤋
If I own a home without a a mortgage I can get a renters policy rather than homeowner insurance. It is a narrow niche, e.g., a run down house that is uninsurable due to poor maintenance. The risk to the insurance company is the same either way, i.e., tenet occupied or owner occupied.
2015-01-08 17:38:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you are responsible for your renters insurance. You only need to list high value possessions.
2006-09-24 11:41:45 · answer #3 · answered by sjj571 4 · 0⤊ 0⤋
Yes you are correct. Homeowners Ins covers the owner, but not the renter. I would get renter Ins to comer my stuff, it is inexpensive.
2006-09-24 11:43:26 · answer #4 · answered by jalapeno 2 · 0⤊ 0⤋
your mother should have homeowners insurance and you need to have renters insurance. i think you could take a picture of your possessions and that will suffice.
2006-09-24 11:40:32 · answer #5 · answered by ? 6 · 0⤊ 0⤋
Yes, since you are the renter you need to get the insurance.
And you should list and take pics of your stuff.
2006-09-24 11:41:17 · answer #6 · answered by JW 4 · 0⤊ 0⤋
if you rent it then you should have insurance for sure never hurts to be sure. if you are not sure talk to a a broker about what kind is best. A broker does not work for a company so he will be non bias as to what you need
2006-09-24 11:39:04 · answer #7 · answered by bluedanube69 5 · 0⤊ 0⤋
yes you do. she may of had to get home owners insurance renewed but that normally gose through the mortage lender?????????
2006-09-24 11:36:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋