insurable interest in Homeowners insurance

[mindyfelinton]

Maryland, i rent a home that my landlord is selling. i asked him to add me as an insured party under his homeowners policy for liability in case someone fell while looking at his home. He said his insurance agent told him i couldn't be added because I don't have an insurable interest. I think I do because I could get sued if one fo the prospective buyers fell while looking at the house. What are your thoughts? Thanks

 

[ALawyer]

USUALLY renters buy renters insurance. But you make a good point.

 

[Donna32669]

Insurable Interest in Homeowners

You have an interest in protecting yourself for liability exposure that's true, but you have no interest in the property itself. The contract (insurance policy) that the property owner has is between him and the insurance company, and they have no obligation to protect you as an insured, nor do they have any undewriting information on you to verify they want to provide the protection for you. Also, if the home is rented then there would not (or should not) be a Homeowners policy on it, he probably has Property coverage on the dwelling, and a separate liability policy. You need a renters (HO4) policy to protect your personal property and liability exposure. However, if you are leasing with an option to buy that would be different and you then DO have an insurable interest, in which case YOU obtain a HO policy with you as the Named Insured, and your landlord/owner would be listed as an additional insured and mortgagee. Hope this helps.