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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Discuss everything relating to mortgages

If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby aeneas16 » Sat Apr 02, 2011 6:45 am

Yes, you need so-called "landlord insurance" coverage - not a regular homeowners' policy. It makes no difference who is paying the mortgage - if the house is not owner-occupied, the insurance requirements change.
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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby phillip73 » Sat Apr 02, 2011 6:49 am

Yes, you need homeowners insurance in case anyone was to get hurt on your property or anything was to happen to the house. Also if in a flood zone then you need to purchase flood insurance separately and it takes 60 days for flood insurance to be effective. Shop around for the best rates possible. Your son should purchase renters insurance to cover his things, your homeowners insurance would NOT cover any of his things.
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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby napayshni » Sat Apr 02, 2011 6:51 am

no
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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby deven » Sat Apr 02, 2011 6:54 am

no, you need home owners insurance. you son can get renters ins, if he has a lot of expensive stuff.
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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby lindley » Sat Apr 02, 2011 7:00 am

Yes, you have Non-Owner Occupied insurance.

His renters insurance will not cover you.
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If my son lives in a house I own and pays the mortgage payment do I have to have insurance for a rental?

Postby lind » Sat Apr 02, 2011 7:04 am

No he is the renter and should consider renters insurance to cover his property and liability if anyone is injured in the house. You should have homeowners insurance on the structure.

Worst case the house burns down. He gets money for his stuff that was in the house. You get money to rebuild.
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