As a landlord of a paid off home do I need to have a homeowner insurance policy?
472701
You are not required to have insurance on any property.  The reason everybody thinks you are required is no bank will ever lend on a property unless you have insurance.\n\nHowever, you should always have insurance on any property.  This is especially true on rental properties.  Your scenarios of a fire, death etc can reasonably happen.  Whether it is your fault or not you will have the cost to defend yourself so the insurance is worth the cost for defense.  You will also want to rebuild which you will need the insurance monies for.  \n\nI own rental property and i had a tenant slip and fall on my property.  It was total BS but everyone has their right to sue.  The tenant sued for a living and had four other similar cases pending.  Three years later and 30K in legal bills the case was settled against my wishes.  The insurance company paid the tenant 10K to go away.  I still had the headache of dealing with the lawsuit and had to pay my deductable of $2,500.  I figure it cost me $10,000 between my time and deductable.  Without insurance it would have been $40K minimum and probably more.
541810
rather depends on where in Florida. If the house is subject to hurricane damage, that would not be a good investment. In fact it may be difficult to get a homeowner's policy anywhere in Florida.
1129212
If the super came and inspected your bathroom and did not take any action, I do not think that you can be held responsible. Are you a renter? If so, the damage is the landlord's responsibility. If you live in a condo, either the association or your condo owner's insurance should cover any damages.
1083546
I agree with those that say about $100-150 a year.  It is so worth it.  You never know when something will happen through no fault of your own.  If there is a leak in the roof, or a pipe bursts, you'll be covered and will get your items replaced.  Your landlord's policy only covers the building, and does not provide ANY coverage for your belongings.
298114
Did you get quotes for the homeowners insurance?  You can find a local agent here: http://www.findlocalinsurance.com\nAt the settlement table make sure to question everything.  They are supposed to go over all the fees and interest rates with you.  Make sure everything is exactly what you had expected.  Once settlement is over, its very hard to get corrections.  Good luck with the new house!
288977
You don't have to be bonded (or insured, for that matter), but it's better if you have employees working for you.  I know that if I were to hire a cleaning company to clean my home, I wouldn't hire them unless they were bonded.  It's an added "trust factor" for your clients.  It also helps you if damage occurs while cleaning (insurance), or a case of theft with one of your employees arises (bonding).\n\nGood luck!
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG
383264
You're going to have a challenge.  First you need to work on getting it zoned properly.\nIf you try to get strictly commercial insurance and you have a claim and they find out it was because it was being used as a residence, it may void the policy.\nYou will need a homeowner's policy that might have some commercial provisions in them....a 'combination' policy so to speak.\nSince there are plenty of home based businesses that need a combination policy, an experienced personal lines insurance agent will be able to help you.
987968
If they have a Home Owners Insurance policy yes.....  If not you could sue them but this would cost more than a weeks work, and not be worth it.... imho
245534
If you own your home, the policy whould look something like this:\n\n\nMr. & Mrs. Zorn\n1234 Zorn St.\nZornia, MI 48382\n\nPrimary HO3 (homeowner's policy)\n\nCoverage A  Dwelling replacement  $\nCoverage B  Other Structures      $\nCoverage C  Personal Property     $\nCoverage D  Loss of Use           $\nCoverage E  Personal Liability    $\nCoverage F  Medical Payments      $\n\nThe above is the main coverages and determines how much coverage you have on your home, contents and personal liability.  Your policy should be for a coverage period of 12 months. There are other factors involved as well.\n\nYou need to contact your insurance agent and have them explain how your policy works and what it covers so that you understand it completely.
755051
It depends on what your doing to the home.  If all you are doing is cosmetic upgrades, a normal policy will do.  If you are adding square footage to the home, a builders risk may be in order.  Keep in mind that since the home will not be occupied, you will need a vacant dwelling policy, and those can run a bit higher than a normal homeowners policy.  Try contacting who you carry your auto through.  You may get a price break for having more than one policy with the same carrier.
237438
They are insured for the building only, not for people's personal belongings.  Each renter should get their own Renter's Insurance to cover their stuff.  It's cheap.  They're only responsible for their building after a fire, really.
566289
Your homeowners' or renters' insurance will cover stolen personal property sometimes even if it is not at your home/apartment.\nVERY IMPORTANT:  There are two kinds of this insurance:\n\n1. Actual Cash Value\n2. Replacement Cost Coverage\n\nIf you want a new item, then you need to buy replacement cost coverage.  It will pay what ever it costs to replace it.\n\nIn an actual cash value policy, the insurance will only pay whatever the item was worth at the time....in other words the used price...not what it costs new.
62911
No, it's not required, but it's really, really important unless you have the funds in the bank for someone to sue you if they fall or if someone leaves an unattended candle lit.  \n\nRenters insurance carried by just the renter will only cover the renter's belongings, it will not cover your home.
200907
renters or homeowners insurance.  also, get a rider for additional personal liability.
789381
First step is to read your contract.  There is a section that deals with "losses we cover."  Read it and the accompanying "losses we do not cover" section very carefully.  In most contracts, accidental release of water is covered, but there are often exclusions for back-up of water (unless you purchased this coverage separately as an endorsement to the policy - often called sump pump or water backup).  If you have questions, you should contact your agent (assuming you purchased through an independent agent).  If coverage would not be afforded, do not file a claim\n\nThe next place to look for help is your warantee.  At purchase you should have been offered the option to buy a homeowner's warrantee.  If you purchased this coverage, it will likely cover the damages and repairs minus a small deductible.  \n\nIf you didn't purchase that coverage, likely your home inspector did not check for this while he did your home inspection.  You can check CLUE (Comprehensive Loss Underwriting Exchange - see your agent about this) to see if a related claim was ever filed.  \n\nDefinitely get a second opinion about the cost of repair.  \n\nI hope you get your issue sorted out - best of luck!
988337
The answers above are all correct, but I will elaborate a bit more:\n\nHomeowner's insurance is protection of your belongings in the event there is a natural disaster, fire or theft.\n\nLandlord Insurance is protection of your income property and yourself in the event that someone happens to the property or the tenant and they feel compelled to seek legal action against you. (Similar to General Liability insurance for a business)\n\nTitle insurance is usually used during the sale/purchase or refinancing of a property. It essentially is a guarantee to the financing party that the property is free from any liens or disputes regarding ownership of the property.