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As the owner of a multi family property?
If my new tenant has renter's insurance, should I notify my homeowners insurance company? will it make a difference in my premiums?
I am aware that renter's insurance only covers their personal property, however my current homeowner's policy has a set amount for replacement of contents (separate from structure) and there is no note or separation that a portion of the property ( and contents) belongs to a tenant and is not / should not be covered by this policy, so I am wondering if I am already being charged more than I should be. From what I understand they base their replacement values on my coverage choices in combination with square footage etc. No ne ever spoke to me about any of the property being rental and not covered.
6 Answers
- Beverly SLv 71 decade agoFavorite Answer
No renters insurance just covers their belongings- furniture etc. It is of no benefit to you. Your insurance does not cover anything but your home.
After reading your additional remarks I think you should let your insurance know that you just need rental coverage- you have no need for contents to be insured. You will get a better rate.
- DeeDeeLv 61 decade ago
renter's insurance only covers their personal property, furniture, jewelry and that type of thing. It does not cover the building or structure.
- 1 decade ago
nope. the rental insurance only cover's the tenants belongings...it does not cover the structure.
- hickenbothamLv 44 years ago
it particularly is available to take a place in belongings now with a appropriate money flow. i beg all my investors to place atleast 20% or extra down. Get an interest purely or selection ARM software
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- Anonymous1 decade ago
Unfortunately, it will not make a difference on your premium.
- LandlordLv 71 decade ago
Their insurance has nothing to do with yours, just like yours has nothing to do with them.
