Am I responsible for insurance or is the owner?
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{ 5 comments… read them below or add one }
That depends upon the contract that you are signing.
If it’s a true owner finance contract where the seller is acting as a mortgage lender and records the mortgage or takes back a first trust deed and transfers title to you at closing then it’s no different from getting the money through a conventional lender and YOU are responsible for paying the insurance.
If it’s a “rent-to-own” scheme where you are strictly a tenant until all money is paid under the contract then the seller is responsible for a dwelling-fire policy and you are responsible for renter’s insurance to cover your personal property and any liability to the owner.
As with any contract, have your attorney review it BEFORE you sign anything!
You would still be responsible for the insurance. The reason being is because it will be your belongings in the household and you would be the one occupying the household.
It is always up to the homeowner to provide the house insurance.
If you purchase the home then you are the owner. If the previous owner is allowing you to pay the money you owe them over time- that still makes you the owner. If you are paying the current owner rent and after you pay a certain amount you will get the title then you are a renter.
The owner is the one with the most to lose because of lack of insurance. A lender (the previous owner) may want insurance on the house to cover their interest in the house (to pay off the loan). A renter would want insurance to cover their liability in case anyone gets hurt on the property or if they accidentally leave the iron on and cause the house to burn down (the landlords insurance would cover the landlord and then sue you to recover that money.)
Look at the legal paperwork carefully or have an attorney do so and figure out if you are the owner or a renter or what and be sure and insure whatever risk you need to.
homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.
You are.
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