Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
This might be a misunderstanding. In renter’s insurance there is coverage for the personal property of the insured and none for the residence or “dwelling.” If the property is a condominium there is some coverage for the dwelling, to the extent that the interior walls and structures are insured for damage. Consult with a licensed insurance agent and I am confident you will be satisfied.
President, Insurance Associates Agency Inc., West Chester, OH
Renter's dwelling insurance or rental dwelling insurance? Renters insurance, or dwelling insurance? There are two directions to travel on this question. First, renters insurance is coverage for a non-owner occupant of an apartment or residential dwelling. We often use the term "tenant" or "renter" to describe this person or family. Since the tenant doesn't own the structures the primary objective under a tenant or renters policy is to cover their personal property, additional living expenses after a loss we insure, and personal liability. A Renters Insurance Policy (Or Tenant Insurance Policy) is one of the various forms of Homeowner Insurance that has been modified to reflect the unique needs of a non-owner occupant of residential property.
Rental dwelling insurance is coverage purchased by the owner of the residential dwelling to protect their interest in an apartment or dwelling occupied by someone else. It isn't required that the property be non-owner occupied under such dwelling policies, but typically, this is the case since most homeowners insurance policies afford a much better coverage and premium value than a dwelling policy. Dwelling policies can be used in a number of circumstances from those where the owner occupies the property, to those where a non-owner occupant resides in the home. A dwelling type policy is frequently used to provide coverage for a dwelling in the "course of construction" or when it is undergoing significant renovation. When used in this way it is not uncommon for the policy to be referred to as "builders risk" insurance. This type of policy is sold to the owners of property and not to builders. Builders can obtain coverage for their exposures to loss in these cases from a commercial liability and property policy they maintain for their operations. The builder would have only a financial interest in the property to the extent of their unpaid work and material so some form of policy coverage or endorsement that extends the value of property and services they have installed in such a dwelling would be the best method of providing coverage. After all, we always have to be concerned with the "insurable interest" and the only one with a true interest to the totality of loss would be the property owner and not a builder or contractor.
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Rental dwelling insurance is coverage purchased by the owner of the residential dwelling to protect their interest in an apartment or dwelling occupied by someone else. It isn't required that the property be non-owner occupied under such dwelling policies, but typically, this is the case since most homeowners insurance policies afford a much better coverage and premium value than a dwelling policy. Dwelling policies can be used in a number of circumstances from those where the owner occupies the property, to those where a non-owner occupant resides in the home. A dwelling type policy is frequently used to provide coverage for a dwelling in the "course of construction" or when it is undergoing significant renovation. When used in this way it is not uncommon for the policy to be referred to as "builders risk" insurance. This type of policy is sold to the owners of property and not to builders. Builders can obtain coverage for their exposures to loss in these cases from a commercial liability and property policy they maintain for their operations. The builder would have only a financial interest in the property to the extent of their unpaid work and material so some form of policy coverage or endorsement that extends the value of property and services they have installed in such a dwelling would be the best method of providing coverage. After all, we always have to be concerned with the "insurable interest" and the only one with a true interest to the totality of loss would be the property owner and not a builder or contractor.