Quote:
Originally Posted by Schaumburger
[B]Regarding property taxes if
Regarding homeowner's insurance if an owner is going to rent out the house for part of the year: A Village sales agent said that to save money on homeowner's insurance, an owner who is going to rent out the house for part of the year, and then stay in the home during non-rental times, should not mention to their insurance company that the home is being rented out for part of the year. The owner should just state to their insurance company that this is a vacation home that the owner will be using part of the year. But is it legal not to tell one's homeowner's insurance company that a house will be rented out for part of the year?
For example, say I don't tell my insurance company that I am renting out my home during snowbird season. If an accidental fire breaks out while the house is being occupied by tenants, could my insurance company deny paying a claim because the house was temporarily occupied by tenants, and I did not disclose this information to the insurance company to save money on my homeowner's insurance premium?
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IF--- a licensed RE professional told me what you offer that he told you .I would be on the phone to the RE regulatory authorities in a minute. He/ she is advising you to commit fraud(a crime in itself) and would give the Ins co stong grounds to partially or totally deny your claim. Unfortunately this kind of misinformation is quite often given to clients by salespersons through their own ignorance of the legal implications or lack of professional ethics.
If it dosen't sound right it probably isn't right