Profile picture for user8292355

What is the coverage for the monthly insurance paid?

Does it cover replacement and repairs of flooring, furnace, water tanks etc? Does the insurer requires to pay a certain amount before the insurance coverage kicks in?
  • March 27 2013 - Detroit
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Answers (5)

Thanks for clarification. I too am a landlord. The issues you listed are things that typically are paid for by landlord/homeowner to fix. I would consider doing a homeowners insurance claim to fix those things, if you could even get homeowners insurance to cover it. Anytime you file a homeowners insurance claim, yes, you pay the deducible. If for one need all the maintenance and operating expenses I can get for tax purposes, you might benefit accordingly.

Best of luck!
  • March 28 2013
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Profile picture for wetdawgs
You will need to talk with your insurance company for specifics on your policy.   In general insurance companies do not pay for repairs such as you describe, but none of us know the specifics of your policy.

  • March 28 2013
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Profile picture for user8292355
I am referring homeowners insurance i.e.,repairs on the house in the event the tenant moves out. I believe this amount is deducted monthly from the rental income. I am an overseas investor and have a home in Detroit. A delinquent tenant and left my place in a mess. Hot water tank, furnace, flooring need replacement or refurbishment. Was wondering whether all these are covered. If yes, is it a common practice that one will have to pay say the first 5k and the remaining will be paid by the insurance company?
  • March 28 2013
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Profile picture for wetdawgs
Homeowners insurance covers unexpected damage to the home from items such as a lightning strike to the roof, a fire, vandalism.  The exact details will be discussed with the insurance provider.  Earthquake and flood insurance are often separate.    There is usually a deductible that the home owner must pay before the insurance company will pay.

 Homeowner's insurance does not cover routine repairs such as floors, furnace, water heaters, roofs etc.

  • March 28 2013
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What type of insurance are you referring to? Sounds like you may be confusing Mortgage Insurance and Homeowners Insurance. I'd like to answer your question for you, please clarify.
  • March 28 2013
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