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does my homeowners insurance cover people living in my house?
I am 58, widower, and I have a huge house in need of repairs in a very nice area of town---a few updates and it would greatly increase in value. My son, wife, and child live in a very small home in excellent shape. We will be swapping homes soon---but keep original bills---my home is paid for---they have a mortgage they continue to pay. We will swap for about 5 years. For living in my large home---they want to remodel it---I will pay for these costs--but they provide all the labor. In 5 years I either move back to my home or sell it----as they will do. Question-----does my homeowners insurance cover them----since I am still the homeowner? No exchange of money or rental takes place.
4 Answers
- AnonymousLv 71 decade agoFavorite Answer
Homeowners insurance is for owner occupied homes. So YOU have to be living there, if the house is titled in your name.
Once you are not living there, the main condition of the home - that the titled owner lives there - is no longer valid, and not only is your son not covered, but your claim can be denied, also.
Once you move out, you would need to put a "dwelling fire" policy. It doesn't matter if your tenant is paying rent or not. What matters, is that the deeded owner no longer resides there.
- GambitLv 71 decade ago
You'd be better off contacting your broker/agent and ask them to contact your insurer and see if they will continue insuring the home as a Homeowner's risk (the same for your son regarding his house). Since your son and his family will be living there some insurers may still consider it owner occupied, others won't. No one here can give you a definite answer, but your broker/agent will.
- npkLv 71 decade ago
If the house is not owner occupied, then a home owner's policy is the wrong coverage to carry. You will need to change your coverage to a rental property. Talk to your insurer or agent.
- buttrfly52Lv 41 decade ago
it depends on the state, but since they are family, I would add them to the policy as household members and then you won't have to worry about it.
