My partners parents have bought a house and we are paying half the mortgage, (so renting really). Today our fence fell over due to a storm, we called his parents telling them and asking them about home insurance and she said they haven't got inurance on this house and that it was up to us. I also thought that when you received a loan for a new house or car that you were required by the agreement to take out insurance. I pay for contents insurance but thats not going to help us at the moment. I just need to know where I stand with this one.
2007-09-12 01:36:05 · 4 answers · asked by Sarah87 1 in Business & Finance ➔ Renting & Real Estate
The insurance you are thinking of covers the mortgage company only, not the owner.
The fence belongs to the owner, AND the neighbor. Which if you two gets to repair it depends on your state. Usually the left one if one persons the right the other.
If you are not on the mortgage or deed then legally your parents get to pay for this.
But, since this is family and you are not talking about very much money, if any at all, I personally would avoid waves and fix the fence.
2007-09-12 02:36:12 · answer #1 · answered by Landlord 7 · 2⤊ 1⤋
If there is a mortgage on the house there should be an insurance, but a fence should be fairly easy to fix, maybe more expensive than poaying for the deductable and later an increase in premium.
Find a handyman and pay him $200, then share the cost with your partner's parents.
Take care.
RE:
When renting, does the landlord pay and organise the house insurance?
My partners parents have bought a house and we are paying half the mortgage, (so renting really). Today our fence fell over due to a storm, we called his parents telling them and asking them about home insurance and she said they haven't got inurance on this house and that it was up to us. I also thought that when you received a loan for a new house or car that you were required by the agreement to take out insurance. I pay for contents insurance but thats not going to help us at the moment. I just need to know where I stand with this one.
2015-07-07 22:58:34 · answer #2 · answered by Anonymous · 7⤊ 0⤋
You will need to read the mortgage to determine if hazard insurance is required and then read any insurance on the property to see if the fence would be covered. I'm assuming neither you nor your partner's parents were smart enough to consult an attorney and have a formal written rental agreement drawn up, but if you were, then read that document to see what is required by way of insurance, again keeping in mind that any insurance might not cover any structures not part of the house.
Apart from insurance, there is the question of who is liable for the repair of the fence. Generally, if you rent the entire premises, you are responsible for maintenance and repairs, though this may depend on the laws and cases for your particular jurisdiction, not to mention any rental agreement or lease provision.
Now, aren't you happy you saved so much money by not consulting an attorney before you entered into this arrangement?
2007-09-12 01:52:58 · answer #3 · answered by thylawyer 7 · 0⤊ 0⤋
You're correct - the OWNER has to pay to insure the property and the physical structure. The TENNANT pays to insure the contents.
The owner is responsible to fix the fence, insurance or not. If they don't fix it willingly, the tennant is legally able to have the fence repaired and then deduct the cost from their monthly rent.
HOWEVER - it sounds like the parents are helping you out by paying half the mortgage on a house you're living in. I wouldn't ask them to repair the fence if they have no insurace. That's a great way to destroy family relationships. Why would you do that, especially when it seems like they're helping you live somewhere you otherwise could not afford.
2007-09-12 02:38:25 · answer #4 · answered by Roland'sMommy 6 · 1⤊ 0⤋
your not "renting" !!!your on the mortgage..!!! You own.
now take out the "insurance" and get an agreement
something similar to a "sales contract" on what you have paid to keep this house running...so that if a "sale" happens in the future you will get paid something back from the home over the split you already agreed to a "co owners " of this home..
if the other co-owners refuse to sign..then keep all your receipts..and if a co-sales happens give your receipts to the lawyers and state you will not sign unless you are paid something.......(give lots of notice on that before closing)..
take responsibility ..you now "co-own" this home..
from there...if they are not "co-paying" then get it in writing..
so you get paid..for your extra "maintenance/upgrades" for and if a future sale happens..
and insure that home......after "hurricane " problems..and people not adequately insured.. i do not understand why anyone would not..insure..
personally i live in a "earthquake zone" and after those "hurricanes" i put earthquake insurance on my home and just not going to play with "fate" ...and that is what you did by not insuring.. (even if insurance was not part of the agreement).
it isn't to late....and you now know you have a problem..
so stop passing the "penny" and correct the problem.......
good luck
2007-09-12 03:55:26 · answer #5 · answered by m2 5 · 0⤊ 1⤋
Your landlord probable did no longer care approximately your having a warm bath until he found out he could ought to pay greater homestead coverage because of the fact of it. It must be insured in case of assets injury or injury to somebody utilizing it or a toddler getting harm attempting to climb into it or drowning in it. Your landlord could pass alongside with it in case you took out a separate coverage to hide it. you may ought to purchase a locking hide for it for an coverage enterprise supply you a coverage
2016-11-15 00:41:00 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If they have a mortgage in their name then they should have the insurance.
If the house is completely paid for, the insurance is up to them (although it wouldn't be a good idea not to have insurance)
2007-09-12 01:43:30 · answer #7 · answered by mister_galager 5 · 1⤊ 1⤋
The owner should cover something like that
You are required to have insurance by the company that holds your mortgage
however his insurance doesnt cover your stuff if it gets damaged in a fire or something
2007-09-12 01:41:11 · answer #8 · answered by Anonymous · 0⤊ 1⤋