Can Homeowner insurance cover tenant damages in case of fire or personal items in case theft....

Can Homeowner insurance cover tenant damages in case of fire or personal items in case theft. Or should Homeowner have tenant insurance separately to cover when renting it out? Is it illegal to have both Homeowner & tenant insurance at the same time? Is Yes, please explain why.

Expert Solution

For those who own homes, homeowners insurance can protect the home and the home's contents. If the home is a rental, the landlord would insure the property, while the renter is responsible for insuring the contents of the home.

Homeowners insurance covers the actual building you live in (and associated structures like garages).
With renters insurance, the landlord will be expected to have coverage on the building while your insurance will cover your personal property.
When taking out a mortgage, most lenders will require you to take out homeowners insurance.
Renters insurance is taken out by tenants to cover personal property and liability owned by the tenant and not the responsibility of the landlord.
Homeowners Insurance

A homeowners insurance policy is taken out by the owner of the home. A property owner is not obligated to insure his or her property unless there are special circumstances, but a homeowner who has a mortgage is usually required to take out an insurance policy.

Renters Insurance

Renters insurance is for occupants who do not own the property but want to protect their personal belongings that are in the home or on the property. It is important for renters to note that the property owner's insurance policy does not cover them, and their items are lost in the event they are damaged or destroyed. Renters insurance policies will reimburse a renter for the replacement cost of property that is lost or damaged while on the property.

Landlords may stipulate or recommend that tenants obtain their own renters insurance in the lease agreement, absolving the landlord of responsibility for lost or stolen items belonging to tenants.

EXAMPLE

The amount of insurance generally covers the cost to replace the home in the event of a total loss, and additional insurance can be added to cover the replacement value of the items in the home. If a home costs $200,000 to rebuild and the items inside the home cost $150,000 to replace, a homeowner who wanted to cover everything would need to insure the property for at least $350,000.

Is it illegal to have both Homeowner & tenant insurance at the same time

Most standard homeowners insurance policies will have personal property coverage as well, and it is becoming more common for landlords to require their renters to buy renters insurance. Since you are insuring a more substantial asset with homeowners insurance, the expected cost will be higher as well. Most homeowners and renters insurances also have liability coverage associated with them.

jeff jeffy answered 1 year ago

Indemnity insurance: 1. reimburses for certain types of losses including fire and theft 2. in the...

Indemnity insurance: 1. reimburses for certain types of losses including fire and theft 2. in the basis for most of the health insurance coverage in the U.S 3. is often experience-rated with premiums based on expected losses 4. is sometimes called "casualty insurance" 5. All of the above

Read a current article about personal auto, homeowner or liability insurance and write a brief summary...

Read a current article about personal auto, homeowner or liability insurance and write a brief summary or commentary.

Most home insurance policies cover jewelry for $1860 and silverware for $2740 unless items are covered with additional insurance

Most home insurance policies cover jewelry for $1860 and silverware for $2740 unless items are covered with additional insurance.If $4920 worth of jewelry and $5010 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance?

a. Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are...

a. Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance. If a family had $3,200 of jewelry and $3,600 of silverware stolen, what amount of the claim would not be covered by insurance? b. What amount would a person with actual cash value (ACV) coverage receive for two-year-old furniture destroyed by a fire? The furniture would cost $1,000 to replace today and had an estimated life of five years. c....

Most home insurance policies cover jewelry for $2060 and silverware for $2620 unless items are covered...

Most home insurance policies cover jewelry for $2060 and silverware for $2620 unless items are covered with additional insurance. If $4640 worth of jewelry and $4440 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? (Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)

Most home insurance policies cover jewelry for $2080 and silverware for $2840 unless items are covered...

Most home insurance policies cover jewelry for $2080 and silverware for $2840 unless items are covered with additional insurance. If $4400 worth of jewelry and $5100 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? (Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)

Most home insurance policies cover jewelry for $2060 and silverware for $2300 unless items are covered...

Most home insurance policies cover jewelry for $2060 and silverware for $2300 unless items are covered with additional insurance. If $4820 worth of jewelry and $4820 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? (Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)

True or False--- In the Hartford Fire Insurance Co. case, the U.S. Supreme Court determined that...

True or False--- In the Hartford Fire Insurance Co. case, the U.S. Supreme Court determined that it could not assert jurisdiction over European companies in competition matters unless the companies had a direct physical presence in a U.S. state.

Auto insurance is required in most states to make sure damages, medical and liability claims can...

Auto insurance is required in most states to make sure damages, medical and liability claims can be paid. In Alabama what are the minimum limits required for Automobile insurance? If you traveled to Alaska would your insurance from Alabama be required to cover the higher minimum limits set by that state? Why or why not?

Question