If a person has two property one he is living and another as rental investment. God forbid if his existing property gets damaged what will insurance company do in this case. Can the person move to his rental home instead living in hotel. Will insurance company allow then who pays the rent or mortgage on second property. Any example or personal experience? Someone who has been in such situation
question on house
- Thread starter Pda
- Start date
You'd be better off asking this question in a real estate or insurance forum rather than an immigration forum.
Hi Pda when you own 2 properties you must have insurance on both properties is the law.
You have the right to kick a tenant you have for your own use as long as you give them at least 60 days notice.
The problem is when you have an accident in the rental property and the policy you bought is for personal use and not for renting then you have problems.
For mortgages if you have 2 then you have 2 mortgages meaning you are the only person responsable to pay them is written on the contract you sign also there is not institution that will give you a mortgage counting on the tenant to pay it otherwise is the tenant property.
You have the right to kick a tenant you have for your own use as long as you give them at least 60 days notice.
The problem is when you have an accident in the rental property and the policy you bought is for personal use and not for renting then you have problems.
For mortgages if you have 2 then you have 2 mortgages meaning you are the only person responsable to pay them is written on the contract you sign also there is not institution that will give you a mortgage counting on the tenant to pay it otherwise is the tenant property.