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You must have an insurable interest to effect valid coverage.
Property must be insured in the name of the owner. So if you want to buy someone else a policy for their property you can certainly pay the bill for some else's property insurance but you can not insure it in your own name.
If you insured someone else's home in any name other than the legal property owner and it burned down or suffered some other loss, the Insurance company can not legally pay your claim simply because the property does not belong to you. They would also not have to pay the owner because he or she was not an insured on the policy.
The proper way to insure it would be under the name of the legal owner, If you also have an insurable interest in the property, then your name can be added as a co-insured. Should a claim arise, the claim check would be issued under both names.
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∙ 12y ago
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Why am I being held responsible for damage to someone elses property if it is being covered by their homeowners insurance?
When you damage someones property you are liable for the costs of that damage. If you fail to pay for the damage you caused and the homeowners insurance company pays the bill, Then you now owe the Insurance company what you failed to pay to the homeowner. Its no different from an Auto Insurance accident. If you were at fault or rather "Liable" for the accident and you fail to pay the bill. The other vehicles Insurance may fix their insureds car and send you the bill. Just because someone else has to pay for the damages you caused does not mean you don't still owe the money. They only paid because you failed to pay timely. Think about this for a minute What if you Robbed a Bank. Naturally the Bank is insured so they will get their money back right away. Does that mean the bank robber gets to keep the money he stole? Of course not. If and When the Bank robber is finally caught he will still owe back the money he stole. But since the bank has already been reimbursed by its Insurer you now owe that money to the Insurance company who covered the theft.
Does homeowners cover someone elses property?
Most policies would be written to restore the policy holder from damage that occurs on the insured property to items that are kept on the property. If you were responsible for the other person's property (you were borrowing it) and you could document the loss, you could argue that you should be made whole. You could, under most policies, seek replacement cost for property damage that was caused by your actions on your property (you drop a bucket of paint off a ladder onto your buddy's car parked in your driveway). This, on some policies, is extended to damage caused by you or occupants of the insured property while riding a bicycle, covered under the policy, off your property. Likewise, damage caused by your dog that gets loose may be covered. There is no way to give a tighter answer than "Maybe". You need to discuss the specific incident with your homeowners' claim adjuster. You may need to have notified the insurance company of certain things beforehand. It is unlikely that your homeowners' policy will pay for a 'big-ticket' item unless you had itemized it beforehand e.g., you are storing your buddy's car in your garage and the garage burns...if you didn't notify that you were storing the car, you may be on the hook for it.
What if someone elses items are on your property and they moved off your property is it yours now or still theirs?
you will have to try and notify them to come get it and keep all records of phone calls and letters sent to them letters must be certified if they do not come get it after all this and at least 30 days it is safe to say it is yours and they would have to take you to court try and get it back and at that point you could charge them storage fee
Can I sue a business if I fell and broke my collarbone and it was someone elses fault?
Do you mean someone else other than the business? It depends on who "someone else" is. If "someone else" is an employee of the business, than you may be able to sue the business under agency law (the employee, in the eyes of the law, is acting as the business). If you mean "someone else" as in someone who has no stake in the business, you will probably only be able to sue that individual. I am assuming you fell on the business' property and that is where you feel you may have a claim against the business. If some action or lack of action on the part of the business or one of its employees (acting as employees) caused your injury, you may have a claim against them. If a third party intentionally injured you on the business' property, you may only have a claim against the business if the business reasonably should have foreseen that a violent act would occur on its property but failed to take steps to reduce the risk (e.g. if you broke your collarbone when you were being mugged and there is a history of such crimes on that property or in the vicinity). You should consult an attorney (which I am not) for a full, professional review of your legal rights and potential claims.
The difference between broker and agency?
A broker is an insurance agent who sells insurance from many different companies, not just one particular one. They work for themselves or an independent firm, not the insurance company. This is refered to as a broker and a brokerage firm or agency. What you are refering to as an agency is the sales force of a specific insurance company. They are most always limited to selling just that companies products, and not any one elses. Or they are paid commisions in a way that they only want to sell for that particular company. A broker is usually your best bet, but make sure that they are selling products from A rated companies. And if you have specific companies you are interested in ask them for quotes from them. If they cant give you a quote ask why not, 99% of life and health insurance companies allow brokers to sell their products. and about 95% of property and casualty companies allow brokers to sell their products. So if a broker says they cant give you a quote from a company be sure they have a good logical response as to why not. If not it is probably because they get a lower commission from that company.
What is covered by property damage liability insurance?
Propety Damage covers you if you damage someone elses property. Liability covers you in the event of a lawsuit.
Does your farm bureau home owners insurance cover you if you are working in someone elses home?
Homeowners insurance policies are personal lines coverage and typically do not provide coverage for commercial or work related activities.
Can get your car out of the pound with your friends traders insurance?
No, the insurance has to be on your car not someone elses.
Is someone elses property is stolen from my house am i responsible?
The question is not clear enough to answer completely. Why are other peoples "goods" on your property? Do you own a warehouse? A storage facility? Do you offer storage to these people for their goods? Or, did the goods just "happen" to coincidentally be there in the wrong place at the wrong time? In the first instances - you should have had insurance to cover the eventuality of theft. In the last case, your homeowners or business insurance should cover it.
Can I use someone elses address for car insurance?
That is fraud!
Your son died on someone elses property does their homeowners ins cover this?
Not enough info included in question. Died how? Died due to what? If the death was as the result of an accident or negligence, possibly. More info is necessary.
Can you be a named driver on someone elses insurance in your car?
um... yeah if your on your parents insurance....... i think
If your bike gets stolen from someone elses house who claims on the insurance?
If you owned it, you claim on your insurance.
If you do not have car insurance can you drive someone elses car?
yes you can but if you wreck and they have insurance their car will be ok but your screwed
What larceny of firearms?
Larceny is stealing someone elses property, so your answer is stealing firearms
If your tree falls on someone elses vehicle will your home insurance cover it?
You home owners liability insurance should cover it.
Will homeowners cover your personal property being used at someone elses house?
Not all home insurance policies are the same, so it really just depends on what kind of coverage you slected when you purchased your policy. There is another issue here as well since you say the personal property is being "Used" at someone elses house.Although most standard homewoners insurance policies do provide some limited coverage for off-premises personal property stored temporarily at another location, As you mention in your question that the property was being "used" elsewhere, (not temporarily stored) then it would likely not be covered.When we loan, rent or lease our personal property out to others, such a situation basically removes the property from our personal care and control. When you loan your personal property out to others (excluding vehicles) the responsibility for care becomes that of the person you loaned it too and that property is no longer covered by your home insurance policy. The person using your property is who you would need to hold responsible for any loss or damages.If you opted for the cheapest price insurance, you may "not" have obtained off-premises property coverage at all.Contact your insurer or your agent for clarification of your coverages.
