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Ross Said:

I own my home and live with renters. What insurance do I need?

We Answered:

Yeah, you've got a problem, if there's a claim.

No standard homeowners insurance company is going to cover your BUSINESS, which is a rooming house. You need a completely different policy - a commercial property and liability policy, which will, of course, cost considerabliy more.

Renters insurance, is what your TENANTS should buy - each of them should buy a different policy.

Go talk to your agent. He'll roll his eyes, but get this straightened out.

Bonnie Said:

So what's next, requiring everyone to have home/renters insurance?

We Answered:

Probably require an 0bama chia pet in every kitchen window.

Jacqueline Said:

What are the different types of insurance (health, home, renters, life, etc..) and when would you need them?

We Answered:

What a broad question!

Health - covers major and minor health issues
homeowners - there are three homeowners policies. the basic homeowners (ho3) covers your home and its contents. a landlord policy (standard fire) will only cover the dwelling. the renters policy will cover your personal property if you are renting along with any betterments and improvements that you made to the rented building.
life - pays out if you die and more if you have accidental death and dismemberment and you die accidentally.

Other types of insurance are purchased by businesses. This can be general liability, public entity management liability, crime & fidelity, umbrella, inland marine, cargo, law enforcement liability, marine, aircraft, builders risk, surety & bond, etc

Melinda Said:

how much would home/renters insurance cost?

We Answered:

HomeOwners Insurance varies from home to home. It depends on the suare footage of the home, year built and other home characteristics.

Renters insurance is much cheaper. Id say no more than $250 a year for decent coverage.

Megan Said:

How can I buy an umbrella liability insurance policy without having a home owners or renters insurance?

We Answered:

You say you have a dwelling policy on your rental so I'm guessing it's residential (1-4 units) and it's properly insured as a rental. Who owns the property, you personally or through a corporate entity? If it's personal you can try a company called RLI (public company, look up their web site and find an agent). They allowed umbrellas without supporting business. If it's owned by a corporate entity, you'll need a commercial policy with commercial umbrella.

You may want to inquire if the dwelling policy can be bumped to $500K on liability limits. My blog has an article on dwelling coverage for rental properties you may find interesting.

Dawn Said:

I live in Texas and I am looking for home renters insurance and health insurance with the same company.?

We Answered:

Good luck on that.

Why ever do you want them with the same company? There's no advantage to it. I don't know of ANY insurance companies that write private health insurance, AND homeowners coverage. They are two completely different lines.

It's kind of like wanting to buy a puppy from the same place you get your Corvette. TOTALLY different animals.

Now, you might find a local, independent AGENT that can sell you both renters insurance, and a health policy, but they are going to be from two different COMPANIES.