what's the difference between homeowner's insurance and landlord's insurance?

Question

What's covered in the landlord's insurance not covered by homeowner's insurance.

A previous tenant destroyed our heater. Will that be covered under any of the two?

Thanks in advance for your time.

I'm in Guam right now. Property is in San Diego. Tenant was previously managed by an ex property manager. Tenant no longer there. I just discovered the situation when the new property manager asked a heating company for an estimate.

Answer 1

Well, the homeowners is for owner occupied dwellings, the landlord's policy (not a real insurance term, btw, so it's impossible to know what kind of coverages are there) is for tenant occupied dwellings. IN other words, the owner doesn't live there.

A landlord's policy covers the dwelling. Other coverages can be added - but are not built in. It's more of a cafeteria style insurance policy.

How did the tenant destroy your heater? Vandalism? Did you file charges? You have to file charges. If you're on a homeowners policy, and you don't live there, and the tenant vandalizes something, you could have an exclusion on your policy.

Heck, even on the "landlord" policy, you could have basic coverages - fire only. And then, again, it would depend. Did they set it on fire?

YOUR AGENT is the person to ask, both if the property is insured correctly, and if this claim is covered.

Answer 2

The landlord's property (like the walls, floors, stove, fridge, and that heater) are covered by landlord's insurance. Homeowner's insurance covers the tenant's furniture, jewelry, and clothing within the apartment.

If there was a fire in an apartment both the tenant and the landlord could file claims and each would be covered by their own policy for damage to what they each owned.

Answer 3

It depends on the policy forms.

Usually rental properties are insured under a dwelling policy- these are usually named peril - actual cash value policies. There are several different types of dwelling policies so I can't give you any specifics.

Homeowner policies are usually for owner occupied property. There are also several different ones. The HO3 is the most common. This is usually an all risk policy - with replacement cost on the structure. You have to get an endorsement to get replacement cost on the contents.

The policy that would apply - is the one that was purchased to protect that specific property - the policy that has that property address listed on the Dec page as the insured premises.

Your question is too vague - I can't tell you any more. Best thing to do is contact your agent - they will be able to see which policy you have on the property and may be able to give you an idea if coverage will likely be provided. Ultimately, coverage questions are the determined by the claims department - the only way to get that is to file a claim and let them investigate.

Answer 4

The insurance a landlord gets protects the structure. It may cover things such as damage to the house from a broken water heater, or fire damage. Insurance for the renter covers their personal possessions, such as clothes and furniture. If there was a problem with the previous tenant, that could be covered under the landlord's policy. But it is not your problem, as long as you didn't cause the damage.

Answer 5

Homeowners insurance covers a primary home, IE, the home YOU live, making you directly responsible for damages and the insurance.

An insurance company has the right to know when you're renting it out, and that the location is not your primary. Landlord insurance covers damages caused by the tenant.

Be careful - if you did not take out landlord/rental insurance on a rental/secondary property, your homeowners insurance will likely NOT cover it.

Answer 6

sources proprietors: Protects the residing and the contents. Landlord: Protects the residing basically. The LL does not choose the greater coverage because of the fact he generally does not have any contents - they belong to the lessee. they are in a position to get renter's coverage. identify: ensures the identify is loose/clean of liens, different claims whilst buying a house. Tells the lender that they are the only people who could have a lien, and the home proprietor that the pass of sale is loose and clean.