Are you say that there is a coverage problem with respect to the property, liability or loss of use under, lets say a standard HO-3 if the insured fails to notify the agent?
If you take good care of your place, you are more likely to have the tenant be considerate of you as well. We have a one family that we rent out, our first home, actually. If you are responsive to the needs of the tenant and make timely repairs when they call, chances are they’ll treat the place a lot better than if you don’t. Tenants need to know that when they call, you will respond; otherwise, they’ll give up and not report anything to you.
If the house would not qualify for the HO-3 policy as tenant occupied, the carrier could rescind coverage. Usually doesn’t happen but could. In addition, your HO-3 policy will not pay loss of rents. Better to change to a fire policy.
I don’t think the standard HO 3 would normally be elegible for a dwelling rented to others. However in the article it was referring to a home that the owners have moved out of and now rent it out. I think that if this occured and a loss occured there would be coverage including loss of rents. It looks like under the Loss of Use section that it applies also to fair rental value including held for rental.
I have a question concerning a standard landlord’s policy, under a Million Dollar liability umbrella.A tornado touched down in the town that the covered unit is in. Thank God no one was seriously injured or killed. Over150 proerties were damaged or completely lost. My house was spared!! There is some damage to the property, but not the house itself. 5 to six pine trees were uprooted and are laying on the property. Although the structure was not damaged there certainly is increased liability to the renters as the yard has these trees or parts of them everywhere but on the sidewalks or in the driveway. Would there be coverage for removal of the trees,even if they did not strike the house. These trees were 15 to 40 ft. tall. Can you answer this?
The umbrella is a liability policy (damage to others), if your tree fell on someone else’s home it might have to come into play after your homeowner’s policy is exhausted. I’m not aware of a carrier offering any kind of endorsement to the umbrella to cover damage to owned property it would likely need to be on the homeowner policy.
Depending on your actual policy some will have coverage for downed trees. I would recommend calling your agent (or their 800# for claims) and ask them.
Are you say that there is a coverage problem with respect to the property, liability or loss of use under, lets say a standard HO-3 if the insured fails to notify the agent?
If you take good care of your place, you are more likely to have the tenant be considerate of you as well. We have a one family that we rent out, our first home, actually. If you are responsive to the needs of the tenant and make timely repairs when they call, chances are they’ll treat the place a lot better than if you don’t. Tenants need to know that when they call, you will respond; otherwise, they’ll give up and not report anything to you.
If the house would not qualify for the HO-3 policy as tenant occupied, the carrier could rescind coverage. Usually doesn’t happen but could. In addition, your HO-3 policy will not pay loss of rents. Better to change to a fire policy.
I don’t think the standard HO 3 would normally be elegible for a dwelling rented to others. However in the article it was referring to a home that the owners have moved out of and now rent it out. I think that if this occured and a loss occured there would be coverage including loss of rents. It looks like under the Loss of Use section that it applies also to fair rental value including held for rental.
I have a question concerning a standard landlord’s policy, under a Million Dollar liability umbrella.A tornado touched down in the town that the covered unit is in. Thank God no one was seriously injured or killed. Over150 proerties were damaged or completely lost. My house was spared!! There is some damage to the property, but not the house itself. 5 to six pine trees were uprooted and are laying on the property. Although the structure was not damaged there certainly is increased liability to the renters as the yard has these trees or parts of them everywhere but on the sidewalks or in the driveway. Would there be coverage for removal of the trees,even if they did not strike the house. These trees were 15 to 40 ft. tall. Can you answer this?
The umbrella is a liability policy (damage to others), if your tree fell on someone else’s home it might have to come into play after your homeowner’s policy is exhausted. I’m not aware of a carrier offering any kind of endorsement to the umbrella to cover damage to owned property it would likely need to be on the homeowner policy.
Depending on your actual policy some will have coverage for downed trees. I would recommend calling your agent (or their 800# for claims) and ask them.
Great post, thanks for sharing!