Author Topic: renters policy question- Parents living in my condo  (Read 1676 times)

DBV1985

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renters policy question- Parents living in my condo
« on: September 29, 2016, 08:33:59 AM »
Hi All,

My parents live in a condo that is under my name. I need advice if I should keep paying the renters policy. It is a small 800 sq ft. place. Their belongings are old and don't hold much value. They don't have visitors so the liability insurance doesn't seem like is needed. If they get sued they don't have that many assets because they are in retirement age. I am just not sure it is worth it having a renters policy. I pay for the HOA monthly and home insurance. Is it really necessary to have a renters policy?

Let me know your thoughts,
J

JJsfr

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Re: renters policy question- Parents living in my condo
« Reply #1 on: September 29, 2016, 02:51:21 PM »
Asking probably a stupid question, but why do you have renter's insurance on a place you own?

marty998

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Re: renters policy question- Parents living in my condo
« Reply #2 on: September 29, 2016, 03:46:07 PM »
Asking probably a stupid question, but why do you have renter's insurance on a place you own?

Landlord's insurance will protect the owner in case of malicious damage by the tenant, and even things like non-payment of rent.

It is unlikely however, that parents will destroy their a place owned by their children.

JJsfr

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Re: renters policy question- Parents living in my condo
« Reply #3 on: September 29, 2016, 04:18:14 PM »
Asking probably a stupid question, but why do you have renter's insurance on a place you own?

Landlord's insurance will protect the owner in case of malicious damage by the tenant, and even things like non-payment of rent.

It is unlikely however, that parents will destroy their a place owned by their children.

I know of landlord's insurance, I guess I've never heard it referred to as a renters policy. I don't swim in the real estate circle though. Maybe DBV should post this question in that end of the forums.

MsPeacock

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Re: renters policy question- Parents living in my condo
« Reply #4 on: September 29, 2016, 06:21:25 PM »
If you own the condo and have home owners insurance there is no reason to have a renters policy. Your parents may want a renters policy to cover their belongings. You should make sure that your home owners policy knows that your parents are the occupants and you are renting to them.

Choices

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Re: renters policy question- Parents living in my condo
« Reply #5 on: September 29, 2016, 07:05:17 PM »
To clarify, are you paying the premiums on your parents' renters' policy, or is it a policy in your name?