Homeowners policy or not?

[grizli]

What is the name of your state (only U.S. law)? OH
Hello,
My father and I recently purchased a home (but deed is made on his name only) and wants me to live it in it and take care of it.
I have his full Power of Attorney with specifics of all matters for the property (actually any real estate).
I'm talking to insurance agents and they all say we need Landlord policy since he is not living in the house and it is in his name only deed wise.
I thought maybe due to PoA it can be homeowners policy to minimize expense.

Or do we have to get Landlord policy?

Any help would be greatly appreciated.

PS: Homeowners price vs landlord, difference over $800/year

 

[ecmst12]

If he got a landlord policy you would also need a separate renters policy to cover your belongings and your personal liability.

It's not about what is cheaper but what is legally appropriate. However, I really don't know. He's not exactly your landlord since you're not paying rent, but you don't own the house either. Why don't you put the deed in both your names?

 

[JustAPal00]

He is the owner and does not occupy the dwelling thus he is considered your landlord. You are a tenant because you don't own the home. It doesn't matter if you pay rent or not. Your father needs a landlord policy to cover the structure and you need a tenants policy to cover your belongings.

 

[moburkes]

Since he is the only owner, and he doesn't live in the home, you are a tenant. So both responses above are correct. You need a renter's policy and dad needs a landlord policy.

 

[grizli]

I figured it would most likely be the case, but wanted to confirm
Thanks for the responses!