Is a Renters Insurance policy legal for a Homeowner to have?

[Subjection1]

What is the name of your state? WI

My homeowners insurance has been cancelled due to an inspection that revealed my roof condition to not be to their liking. Policy now has only 1 week and a day until expiration. No offer given me to resolve the issues before cancellation. Attempts by me to find another insurer to cover me while trying to get roof replaced have failed. I can't even get ahold of a roofer to do the job yet. Seems they're all booked up for quite a while.

So now I've been considering just letting go of insurance altogether until next year when the roof has a chance to get replaced. But I've also heard that maybe I could get Renter's Insurance. At least that would cover my personal belongings and maybe even liability. It would be minimal cost to me and the payout in a disaster would be a far cry from me walking away empty-handed. But is a renter's policy legally binding for an insurance company to pay out if I'm not actually a renter? Could that be legally used against me to deny my claim?

 

[zddoodah]

No competent insurer would write a renter's policy for a homeowner. You could, however, buy a contents policy that includes liability coverage. Discuss it with a local insurance agent. Note also, that, if you have a mortgage, you'll need to acquire homeowner's coverage or you'll likely be in breach of your mortgage contract and subject to the mortgage holder acquiring coverage (at a serious premium) and charging you for it.

 

[AlmostThere]

You might need to work with a different agent or company to purchase a policy that excludes your roof / roof-related damage until you can bring the roof into an insurable state. And/or pay a higher rate until your roof is replaced. Google is your friend.

 

[Subjection1]

No competent insurer would write a renter's policy for a homeowner. You could, however, buy a contents policy that includes liability coverage. Discuss it with a local insurance agent. Note also, that, if you have a mortgage, you'll need to acquire homeowner's coverage or you'll likely be in breach of your mortgage contract and subject to the mortgage holder acquiring coverage (at a serious premium) and charging you for it.

But isn't a renter's policy the same as a contents policy? Since a renter doesn't own the house, contents are all that would be covered under a renter's insurance policy. But I'm not an expert on the topic.

 

[Subjection1]

You might need to work with a different agent or company to purchase a policy that excludes your roof / roof-related damage until you can bring the roof into an insurable state. And/or pay a higher rate until your roof is replaced. Google is your friend.

That's the first thing I tried to do. None of them will insure me. Some won't even give a quote. They all say they won't insure me until my roof is replaced. I started a thread on that topic 9 days ago: https://forum.freeadvice.com/threads/home-policy-being-cancelled-looking-for-options.664255/

 

[Zigner]

There is no reason for a duplicate thread.

 

[Subjection1]

There is no reason for a duplicate thread.

It isn't duplicate. One is asking about getting homeowners insurance for a home with a roof issue.
The other is about the legality of using Renter's insurance to cover a homeowner.

 

[Zigner]

It isn't duplicate. One is asking about getting homeowners insurance for a home with a roof issue.
The other is about the legality of using Renter's insurance to cover a homeowner.

It's all about the same general matter and should have been included in your original thread.

 

[adjusterjack]

But isn't a renter's policy the same as a contents policy?

Different policy forms, different coverage.

You said you got a quote from the Fair Plan.

So, your statement that no one will insure you isn't exactly accurate.

You haven't said whether you have a mortgage. If you do and you don't buy insurance on the dwelling, the mortgage company will put their own insurance on it and add the cost to your monthly payments.

 

[Subjection1]

It's all about the same general matter and should have been included in your original thread.

Ok, sorry. I just didn't want to derail the discussion of the first thread with a different matter.

 

[Subjection1]

Different policy forms, different coverage.

You said you got a quote from the Fair Plan.

So, your statement that no one will insure you isn't exactly accurate.

You haven't said whether you have a mortgage. If you do and you don't buy insurance on the dwelling, the mortgage company will put their own insurance on it and add the cost to your monthly payments.

You're right, I did get a Fair Plan quote. It was for $976 for an actual cash value coverage with a deductible of $1,000. That was from an agent with a different company I've been dealing with because my current agent has been ignoring me all this time.
But surprise! Just today I got an email from my own agent, and she said she ran a quote with the Fair Plan, and says they "will not insure a home with an older roof.", and that if my roof wasn't as old as it is, the premium would be $1355.
The Fair Plan is supposedly meant for home like mine. So this contradiction just throws another monkey wrench into this whole ordeal.

I think I just need to pursue Renter's (or contents) insurance until I can replace my roof. I finally got an appointment with the one roofer who has responded to me for July 30th. They said work wouldn't begin until the beginning of September, and my current policy is done on July 26th. So now I have to hope they'll work on an uninsured property. I've been told that many roofers won't.

EDIT: I almost forgot to mention that I don't have a mortgage.

 

[AlmostThere]

Out of curiosity, are there other reasons that may cause insurers to shy away from insuring you? Have you had a spotty payment history, one or more claims, etc?

Insurance companies want your money - and want to find ways to issue a policy to collect your premiums. All insurance is like this - you are being insured by someone who calculates the likelihood and risk of your policy and charges you more than they expect it to cost them.

 

[Zigner]

Out of curiosity, are there other reasons that may cause insurers to shy away from insuring you? Have you had a spotty payment history, one or more claims, etc?

Insurance companies want your money - and want to find ways to issue a policy to collect your premiums. All insurance is like this - you are being insured by someone who calculates the likelihood and risk of your policy and charges you more than they expect it to cost them.

Not in Florida

 

[quincy]

There are insurance companies that will insure a home with a bad roof. But any damage that results from having a bad roof will be excluded from coverage and the policy is apt to be more expensive. That is why you need to fix the roof as soon as possible. On a house built in the 1800s, you might need a renovation specialist.

Is there a way to temporarily move your more valuable belongings to a storage unit?

 

[Subjection1]

Out of curiosity, are there other reasons that may cause insurers to shy away from insuring you? Have you had a spotty payment history, one or more claims, etc?

Insurance companies want your money - and want to find ways to issue a policy to collect your premiums. All insurance is like this - you are being insured by someone who calculates the likelihood and risk of your policy and charges you more than they expect it to cost them.

That's the strange thing. I have a very clean record. I've lived in this house that I bought 25 years ago and maintained homeowners insurance for the entire time. I never had any lapses in my insurance, I always paid those bills on time, and I never filed a single claim. It seems strange now that they're treating me like I'm a deadbeat that they want nothing to do with. I also have a credit score that is hovering near 800. How they suddenly see me as too big of a liability to do business with is beyond me. I also have a current auto policy with the same company.
That doesn't mean my property is perfect though. My house was built in the late 1880s, and the roof is 21 years old. As the inspector noted, the driveway has cracking in it, and the brick chimney on my house has mortar missing in places. And there are some trees overhanging the house. My insurance company told me when I called their headquarters that fixing the roof wouldn't even be enough for them to give me another policy. They said I would have to fix all of the items they found wrong in the inspection report. To do that, it would cost me around $20,000. Some of the trees that are overhanging my house and garage would be extremely difficult to trim, even for a professional. So it looks like my current insurer won't be the one I'd go with after the roof is repaired. I can only hope other insurers aren't so picky, and looking for ways to lose business.