I have a contract all made up for our son to rent to own our house since we got our pcs orders. What else is involved? Can we just leave everything as is like our homeowners insurance and etc. They are just going to keep paying our house payment which includes the insurance, taxes etc. They don't plan to buy it for at least a year. What do we need to do if anything? We plan to rent while we are on orders and get renters insurance.
I'm not an insurance agent or attorney in your state, but I would maintain your current insurance, let your insurance company know that you are renting to your son's family and ask your son to take out renters insurance (HO-4) to cover their contents in the hosue.
That way everyone has proper liability coverage and your house is covered for fire,etc.
Of course I'd call my own attorney and insurance company if I did this so I could blame them if something went wrong :) Even I don't rely on my own advice.
Hi Army Wife/Army Mom!
Thank you for posting. Since this is an account specific question, I encourage you to contact a member representative using the CONTACT US button on usaa.com or by calling 1-800-531-8722. That way they can give you the best advice for your particular situation! Thank you!