Home Insurance Policy - when you rent out the house?

[hari_kaimal]

Does Home Insurance Policy cover, when you rent out the house and the tenant causes a house fire?
If not, do we have any other insurance to cover this? Please help me.

Thanks in advance!

[kagarwal]

"Home Insurance" covers the owners dwelling (house/garage) and contents (Owners personal property like TV, Bed, Kitchen Unencils, Cloon the premises). Now Owner for the purpose of Insurance of the dwelling (house/garage) would be allways Owner or landloard (If the property is rented out) and in case of contents, there are two ypes of contents -
1- Owner or Landloard's Content Eg- Fixed assets like Geyser, TV, Fan and other things rented out with the house.
2- Tenants content eg tenants personal property, such as furniture, electronics, etc.

Owner or landlord (if he is the owner) takes out Home Insurance policy and is responsible for payment of the premiums. If building is leased or rented out, it does NOT cover tenants personal property, such as furniture, electronics, etc.

Tenant takes out Home Insurance policy to cover only his personal contents not the building and Fixed assets like Geyser, TV, Fan and other things rented out with the house.

Hope things are clear now!

[Preeti Sharma]

As a landlord you are NOT responsible for the tenants contents. You need to reduce your home owners policy to only structure coverage. It will cost much less and is best when it comes to responsibility, if something should happen.

[Expert]

OWNERS get home insurance to cover the structure and the property incase of fire and things like that.

TENANTS get home insurance to cover their personal belongings.

[PolicyWala]

As both parties (the owner and the tenant) have insurable interest, each party can take out insurance on the same property.

In the above scenario, it would be worth the owner of the house to take out buildings insurance and the tenants taking out contents cover. If the owner of the house is leaving any of their possessions in the house it may be worth extending it to cover limited contents.

Hope this is of help.