How the home insurance for lower home different from primary home insurance?
I am renting my home for 4 months and that's why I need to convert my Primary home owner's insurance policy to Land lord policy. But after 4 months I can't change the insurance of my home to Primary home owner policy. But I will enjoy to get the Home owner's insurance for the secondary home which is more expensive afterwards the primary home. I do not live in this house. So is it okay to go for a proprietor policy for 4 months and then to secondary home - insurance policy? Is here a risk of very high premium on Secondary policy, could I make over the policy back to primary home owner's policy? What are the drawback of a secondary home insurance vs primary home insurance policy. Please relief. Thanks.
Answers:
Why not just go to an online site that will confer you bids from multiple agencies. It's quick and you're not at any risk, and it will give you a ballpark integer to work with and decide what is right for you.
http://best-cheap-home-insurance-usa.blogspot.com/
OK, a SECONDARY home, is a home that you own, and you occupy, and you don't rent out - similar to a beach house that you visit on weekends.
It's DIFFERENT from a rental.
A rental have a LOT more risk of damage - tenants, especially angry tenant - tend to trash the houses they live in, especially when they get angry next to the landlord.
So you don't need a lesser homeowners policy, you need a DWELLING FIRE policy, or a landlord policy. If you don't live contained by it, it doesn't qualify for a HOMEOWNERS policy. If you rent it out, it doesn't qualify for a HOMEOWNERS policy.
With a landlord policy, you don't usually insure the contents. With a secondary homeowners, you do. The liability costs more for a tenant policy than a secondary homeowners.
Do you want this house COVERED, if it burns down? If so, you need to insure it PROPERLY. What devout does it do to save $50 on the house insurance, if you're out of pocket $100,000 for a fire caused by the tenant??
The central drawback, of YOU picking the wrong policy, is having an uninsured claim. Penny wise, pound foolish. Lay out the situation to your agent, tolerate THEM insure the house properly.
Related Questions:
Answers:
Why not just go to an online site that will confer you bids from multiple agencies. It's quick and you're not at any risk, and it will give you a ballpark integer to work with and decide what is right for you.
http://best-cheap-home-insurance-usa.blogspot.com/
OK, a SECONDARY home, is a home that you own, and you occupy, and you don't rent out - similar to a beach house that you visit on weekends.
It's DIFFERENT from a rental.
A rental have a LOT more risk of damage - tenants, especially angry tenant - tend to trash the houses they live in, especially when they get angry next to the landlord.
So you don't need a lesser homeowners policy, you need a DWELLING FIRE policy, or a landlord policy. If you don't live contained by it, it doesn't qualify for a HOMEOWNERS policy. If you rent it out, it doesn't qualify for a HOMEOWNERS policy.
With a landlord policy, you don't usually insure the contents. With a secondary homeowners, you do. The liability costs more for a tenant policy than a secondary homeowners.
Do you want this house COVERED, if it burns down? If so, you need to insure it PROPERLY. What devout does it do to save $50 on the house insurance, if you're out of pocket $100,000 for a fire caused by the tenant??
The central drawback, of YOU picking the wrong policy, is having an uninsured claim. Penny wise, pound foolish. Lay out the situation to your agent, tolerate THEM insure the house properly.
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