Who can buy homeowner's insurance?

[joyfulkate]

What is the name of your state? Missouri

I have a unique situation. I own 60 acres that has two houses on it. All of the property and homes are in my name only. My father has recently moved into one of the homes free of charge. He does not own it. He wants to pay for the homeowner's insurance on the house. However, the policy is very expensive unless he would be able to buy his own homeowner's policy for the house and contents. He found an agent who is willing to sell him such a policy but I have been told by an attorney and another insurance agent that this is illegal because my father has no insurable interest in the house or land. If this is correct, why is this agent selling my father a homeowner's insurance policy?

 

[HomeGuru]

What is the name of your state? Missouri

I have a unique situation. I own 60 acres that has two houses on it. All of the property and homes are in my name only. My father has recently moved into one of the homes free of charge. He does not own it. He wants to pay for the homeowner's insurance on the house. However, the policy is very expensive unless he would be able to buy his own homeowner's policy for the house and contents. He found an agent who is willing to sell him such a policy but I have been told by an attorney and another insurance agent that this is illegal because my father has no insurable interest in the house or land. If this is correct, why is this agent selling my father a homeowner's insurance policy?

**A: do you want him to get insurance or not? If so, prepare a 50 year ground lease for 1 acre that the home sits on. That would give him an insurable property interest.