theslayor
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You'll need to replace your "Homeowners" policy with a "Fire" policy.
Put a clause in the rental contract that renters are required to have renters insurance. (they usually don't, but they've contractually agreed to, so it makes it very difficult for them to come to you with their hand out for money). |
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Big Daddy
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Yes, by all means, renter's insurance only protects the renter's belongings and does nothing for your property. |
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fluke
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yes, keep it insured, especially fire and liability. |
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mongoose
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I have a home that I am renting to own & yes I am the one who carries the insurance on the property. They have chosen not to carry insurance on the contents(Renters Ins) but thats not my problem. If you you dont have a mortgage then you can choose not to carry any insurance but.......what if....???? |
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Heather F
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You can probably reduce your overall coverage but renter's insurance does not really help you out. If you are still under a mortgage you will receive penalties if you don't continue insurance. |
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nermil
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you need to insure the structure and the land.
renter's insurance will only cover the resident's possessions. |
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Anastasia Beaverhousen
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It's a good idea! |
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xander
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You own the property. You want insurance on the property. Renter's insurance is only to protect the RENTER, not you. It is still your property, you want to protect your investment, don't you? |
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valstpatrick
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You will need to have a Landlord's policy basically covering the outside of the property it will not cover the renter's contents.
If you have a mortgage the lender will REQUIRE you to carry the property replacement coverage.
Hope this helps |
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Tray B
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As the owner, you need to inform your insurance company that you are using it as a rental, and you SHOULD have Landlord insurance..to protect yourself from lawsuits, and to protect your investment, incase the tenants burn it down or ruin it |
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Greg
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You'd definitely need insurance if I was gonna live in it =| You still need to insure the property (and some furnishings if renting furnished). Talk to your insurance agency, it'll be much cheaper than your current insurance. Its the tenants responsibilty to insure their contents. |
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cafegroundzero
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You should keep your own insurance policy which should secure you in the event of anything happening.
Usually, renter's insurance is designed to take care of the renter, not the owner of the house. You talk to your insurance company representative. |
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Steve M
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dont worry about the land its very hard for something to destroy it everything else they say sounds good though |
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helprhome
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The renter's insurance covers the contents not for things like fire or flood etc. Yes keep the insurance it's just good business to protect your investment. |
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melfan
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Yes most definately! You have to insurance your property with someone else in it. The renter can take out renters insurance for their contents. Then all parties will be covered. If you have a mortgage on your home you have to carry a policy otherwise your mortgage company will take out a policy for you and add it on to your payment. |
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mick l
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how would the mortgage co know if you have your ins with another co .and you have let it lapse.bad practise i know but it happens |
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