Renters Insurance on a Second Home Property

[violetguba]

My parents bought a vacation home that we are now living in as a rental. They have homeowners insurance that covers the property of course. Do we need to obtain renters insurance to cover our personal property?

 

[BIG RED IS BACK]

absolutely and your parents better have the correct policy also,

You are a regular tenant and they are a landlord, make sure you have the correct policies.

 

[BigIVU]

If this is a single family dwelling, as opposed to a condo, it is probably not eligible for a homeowners policy unless the owners reside there. Depending on the state (and its case law) or the adjuster, your parents may have NO coverage on the dwelling if this is a rental property. They should check with their agent IMMEDIATELY if not sooner.

 

[Guest]

My parents bought a vacation home that we are now living in as a rental. They have homeowners insurance that covers the property of course. Do we need to obtain renters insurance to cover our personal property?

Typically HO policies are not available to second homes. Generally they are covered under a less comprehensive Dwelling Fire policy. Your parents need to check with their agent to make sure they have the correct policy in place.

As for you... Yes, you need renters. Their policy, no matter if it is a HO or Dwelling Fire, is not going to cover your liability or your personal belongings.

 

[ginniferhadley]

Yes, you need a renter insurance cover as you were living there as a tenant.

 

[sludgesurfer1]

This is a common misconception. Many parents of adult children believe that their homeowner insurance covers the adult kids. Not so.

 

[BigIVU]

Kids at college -- dorm, fraternity house, apartment, etc. -- usually have coverage under their parents' policies but it depends on the policy language and the circumstances.