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MikeInCA
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Post subject: vacancy insurance |
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| Wells Fargo is requiring me to get insurance that pays if I just have an extended vacancy for any reason, not just the place being uninhabitable. This is hard to find. Ever heard of this? Thanks. |
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Ana
Guest
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Post subject: |
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| Mike, as far as I know, such an insurance is available for commercial properties. I don't think they are available for residential properties. |
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Bernard Patten
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Post subject: Rental Insurance |
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| We rent our beach house in Galveston. Lately the water, phone, internet, sewage, garbage collection, and electricity go out periodically because of the damaged caused by Hurricane Ike. The renters want their money back when they can't get water or electricity. There is no damage to the beach house itself. We are covered for "loss of use or rental" up to $23,000. Will the company pay? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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bernard, this is not a question for our "experts," as we have no notion of what your policy covers. you need to go straight to the insurance company and ask these questions.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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DJG
Guest
0.10 Dollars($)
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Post subject: Loss Rent Insurance |
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| My mortgage company requires Rent Loss Insurance at the time of closing. I contacted my insurance agent and he said they do not issue Rent Loss Insurance until the property is rented. He said he can provide a quote. I need to get this insurance within the next 2 days. Any suggestions/recommendations where I should go to obtain this insurance? I am in the Grand Rapids, Michigan area. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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jjoe
Guest
0.10 Dollars($)
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Post subject: rent/loss insurance+ property status |
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Commercial bld are required to havce rent/loss insurance depending of the type of income /bld size +.
Residential income property, not listed as "comercial" property would therefor be excluded from this requirment? Also, city state have different requirment for commercial bld - bld code, inspection! |
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KK
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0.10 Dollars($)
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Post subject: Rent Loss Insurance |
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| Is there a list of insurance companies who offer rent replacement? |
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Neal
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Post subject: rental loss due to new zoning |
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| My apartments(a house wich was turned into 2 apartments) had a fire in one apartment. I have full insuance including loss of income.Now the zoning board said that even though the building had a grandfathers clause to be 2 apartments it has to be repared into a single family residence since it was damaged.Is my insurance company obligated to pay for one rental for a year since it is going to be repared into a single rental? |
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Jasmine
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Post subject: |
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| I feel they should pay you the rental for a year. Nevertheless, I would suggest you to check out with an attorney in this regard and he would guide you regarding your rights. |
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Sissie
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Post subject: loss of rents on a rental property |
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| We have a farm owners policy which covers 2 rental properties. We just had water damage and they had to tear out the walls and floors in the kitchen and bathroom. It was not rented at the time of loss - this past Monday is when the loss occurred, but did have 2 people that were interested. Would our policy cover loss of rents? It looks like there is a premium charged for it on our policy and was wondering how this coverage works. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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As far as I know, the rent loss insurance will cover you in this case because it not just covers loss of rental income but also the damage to the property. Your coverage would be calculated based on the net operating loss i.e. after subtracting your property taxes, mortgage payments, maintenance costs, utilities and insurance premiums from your income.
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Good is the Enemy of Great. |
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Tiffany
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Post subject: Is Rental Insurance Mandatory for Fully Paid Property |
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| Hi. We fully own two duplexes (no mortgage payments) which we rent out. Due to the economy & taxes we're struggling. I know it's a foolish plan, but legally can we delay having insurance on these paid buildings for a few months? If we due lax on it for a few months and then want to restart insurance, is there a penalty like there is in car insurance? Please advise. Thanks! |
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Guest
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Post subject: |
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Hi Tiffany!
Welcome to forums!
If you do not have an insurance coverage, you may have face issues if there comes a catastrophe like a sudden earthquake or a storm or fire. It is better to have insurance on your properties rather than delaying it.
As far as penalties are concerned, it will depend upon your insurance provider and your agreement whether or not you would be charged penalties.
Sussane
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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It was me above! Just forgot to log in!  |
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