Homeowners Insurance

Started by ChrisE1 • 2 replies • 1145 views

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ChrisE1 (Washington)
Posts: 2

Posted:

We are part of a two unit homeowner's association. We live in our unit, and the other unit is rented. We pay homeowner's insurance from the HOA account and the cost is split between the two owners. Does the fact that one unit is rented and the other owned impact the cost of insurance? Is it possible to charge the party that is renting their unit a higher % of the insurance due to the risk of having renters vs. owners living in the unit? Any insights would be appreciated.

BradP (Kansas)
Posts: 2,640

Posted:

Chris:

I don't think it should matter, you can argue that renters are more likely to cause damage, but I don't think that holds water because it is a blanket statement that does not accurately reflect all. It is like saying that a family should get charge more than a single person because having 4 people it is more likely to cause damage than 1.

JimM10 (Arizona)
Posts: 48

Posted:

I would definitely check with YOUR insurance company. I know for mine, I have my insurance as an owner and for the rented one, I have what is called a FIRE insurance or sometimes known as "renter's insurance"

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