can I get homeowners insurance if I am in a part buy part rent property?
Saturday, November 14th, 2009 at
4:59 am
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Tagged with: Homeowners Insurance • Insurance • Rent Property
Filed under: property rental
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contract for deed? you are renting to own from the former owners and not threw the bank right? yes you can get home owners, if not you can still get renters insurance. If you are the one paying the insurance and property tax remember to keep those to file on next years taxes.
Nr, u is renter, kunt u renters verzekering slechts verkrijgen. Tot de akte in uw naam is bent u geen eigenaar.
Assuming that this is in the UK (as it cropped up in our local list), the position is a bit messy, but I will try to keep it simple.
Ignore the “part rent” bit. That will take you into blind alleys. The simple fact is that you are a joint owner of the property (with a percentage, rather than the full legal title) and are certainly a home owner.
You will need to check what the other co-owner has already done about insurance. It may already have been sorted out for you, and part of your “rent” is going towards this. If not, then you both need to agree on an insurer to cover against your risks in relation to the building.
And come what may, insurance of the contents is down to you alone. But if you approach the same company that provides the buildings cover, you may get a discount on the contents cover.
My home insurance from them as know they provide such service.