I am a tenant in a home and took out a home insurance policy. Since I am not the deed holder, is this a valid insurance contract?

I am in the state of Florida and signed a contract for deed on a home, buy-owner. The transfer of title has not been filed and is still recorded in the homeowners name. I was told (by a third party) that the insurance policy that I pay on would not cover a claim since I am not the deed holder. Does this sound true and am I entitled to a refund? (There is no bank mortgage involved).
(0) | asked by: Simon Phillips | share | 32 months ago | Report
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answer by Alma Kee    |   Contact Me
Or get in touch with a Title Company and they can help you for a small fee.
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31 months ago  |   Report   |   share
If you are a tenant, then you need Tenant insurance but if you purchased the home and signed a HUD statement with an Attorney or Title Co. but it is not yet recorded, then you are the owner and a homeowners policy is valid. Hope this helps.
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32 months ago  |   Report   |   share
answer by Mitchell David    |   Contact Me
Simon, to answer your specific question, "is this a valid insurance contract," I would contact a local attorney for them to review and give you advice/ opinion. However, to answer your question in general terms; I would also recommend talking to your insurance agent. I would also ask the agent about a refund for monies already applied, if they sold you the wrong policy. In my experience in MD, the owner would have the policy and you as a tenant would have a policy that covered your personal belongings.
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32 months ago  |   Report   |   share
answer by Jack Schramm    |   Visit My Website   |   Contact Me
That depends on where you are in the transaction. In the first part of the question you say you are the tenant, in the second part you indicate that you have signed a contract for the deed (meaning a sales contract?). If you are under contract to buy but have not closed the sale yet, then your home owner's insurance policy will only kick in after you have closed the transaction. If you have closed, then you have a closing statement (also called a HUD1) that is your proof of ownership as well as a copy of the warranty deed that is to be filed. It doesn't matter if the deed has not been recorded in the public records yet (it takes 6-8 weeks after closing). If however you are a tenant and you have taken out insurance on your personal belongings (aka renter's insurance) then it does not matter if you own the house or not. This policy does not cover the house though, only your personal belonging. If you have any other questions, please feel free to give me a call. Jack Schramm, Remax Metro
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32 months ago  |   Report   |   share
answer by Jann Knight    |   Contact Me
There are many types of policies, some designed for homeowners and some specifically for renters. I would recommend speaking to your agent or another insurance professional to be sure that you have the right policy for your needs.
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32 months ago  |   Report   |   share
answer by Sharon Wayman    |   Visit My Website   |   Contact Me
Contact a local attorney, to review your lease, most likely you would just hold an insurance policy on belongings and the homeowner on the property.
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32 months ago  |   Report   |   share
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