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Homeowner insurance with Tenants - Desperately ?
My Dad has home owner occupancy insurance coverage includes:
A) Dwelling
B) Other Structures
C) Personal Property
D) Loss of Use
He lived there for a while then rented out to his two friends/tenants. If there is a natural cause damages to the house (i.e. Fire, Storm, etc.), will his Home Owner Insurance cover any of the following:
1) Loss of monthly Rental income?
2) Cost of house repair/rebuilt?
3) Mortgage payment bill?
what else?
I desperately need answers, please help!
Thanks
He needs to change it to a Landlord policy. A homeowners policy covers owner-occupied dwellings, not tenant-occupied ones.
Depending on the policy he selects, it should provide coverage for loss of rents and damage to the property. There also may be coverage for liability, medical payments, and possibly some contents coverage for contents that he provides to the tenants.
As far as the mortgage payment, he's still liable for payments, even if the house is damaged. Hopefully his loss of rents coverage will help keep his mortgage payments current.
Redlands Highland Yucaipa Temecula Irvine Homeowners insurance. Home insurance experts.
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