Getting insurance to pay rent.

[CCM1183]

What is the name of your state?SC

 

[CCM1183]

My house that I just bought flooded and the house I am trying to sell is vacant. I rented a house and was reimbursed but moved out because it is season for weekly rentals and difficult to find a month to month house to rent until the repairs are completed. We decided to move into the house for sale because our house we are hoping will be completed in 6 weeks. We would have rented our house if it didn't sell and now we cant because we are in it. The insurance adjuster stated I cant rent to myself. Is that true? I am not making a profit by doing this. Just covering the basics not even taxes etc.

 

[Zigner]

Yes, that's true. You don't HAVE any rent expenses, so can't claim any rent expenses.

 

[adjusterjack]

Yes, that's true. You don't HAVE any rent expenses, so can't claim any rent expenses.

Agree.

 

[Just Blue]

My house that I just bought flooded and the house I am trying to sell is vacant.

We decided to move into the house for sale because our house we are hoping will be completed in 6 weeks. We would have rented our house if it didn't sell and now we cant because we are in it.

Were you going to rent it out or sell it?

 

[CCM1183]

My house that I just bought flooded and the house I am trying to sell is vacant. I rented a house and was reimbursed but moved out because it is season for weekly rentals and difficult to find a month to month house to rent until the repairs are completed. We decided to move into the house for sale because our house we are hoping will be completed in 6 weeks. We would have rented our house if it didn't sell and now we cant because we are in it. The insurance adjuster stated I cant rent to myself. Is that true? I am not making a profit by doing this. Just covering the basics not even taxes etc.

My house that I just bought flooded and the house I am trying to sell is vacant. I rented a house and was reimbursed but moved out because it is season for weekly rentals and difficult to find a month to month house to rent until the repairs are completed. We decided to move into the house for sale because our house we are hoping will be completed in 6 weeks. We would have rented our house if it didn't sell and now we cant because we are in it. The insurance adjuster stated I cant rent to myself. Is that true? I am not making a profit by doing this. Just covering the basics not even taxes etc.

Agree.

Actually that is not true-we were going to do weekly rentals if it didn't sell. It is almost impossible to find month to month rentals here as it is a beach community. I would have made more money renting it through my rental company than moving back in. I know I cant kick myself out so it was the lesser of 2 issues we were having trying to have house close by month to month. Also I have a huge mortgage and ins on the property. Thus I would rent it from the rental management company.

 

[Zigner]

But you weren't renting it. You can't lose income you never had in the first place.

 

[LdiJ]

But you weren't renting it. You can't lose income you never had in the first place.

I dunno Zig. I know this is car insurance and not homeowners insurance but I am entitled to a rental car through my insurance while my car is being repaired after an accident, and if I opt not to rent a car, they pay me the same daily rate in cash. Couldn't it be something similar to that?

 

[Zigner]

I dunno Zig. I know this is car insurance and not homeowners insurance but I am entitled to a rental car through my insurance while my car is being repaired after an accident, and if I opt not to rent a car, they pay me the same daily rate in cash. Couldn't it be something similar to that?

Are you sure about that? That is not the norm.

 

[LdiJ]

Are you sure about that? That is not the norm.

Absolutely. It has actually happened.

 

[Zigner]

Absolutely. It has actually happened.

Like I said - that's really not the norm. In any case, it's apples to oranges.

 

[FlyingRon]

Unless he has some special clause in the policy covering lack of rental use, he isn't going to get relief. A regular homeowner's policy will pay for you to live somewhere, but it's not going to cover loss of use for rental. Much like your rental reimbursement for your car insurance, the amount paid would be the minimum needed to find habitation for you, not what you could have made renting it.