If you own a buliding-property- but someone else has insurance on it- is the owner insured?

Question

If you own a buliding-property- but someone else has insurance on it- is the owner insured?

Answer 1

Let me get this straight.

I own a building at 123 Pleasant Street. I have no insurance on my building. I rent or loan it to my pal Joe, who gets insurance on it?

I'm pretty sure Joe won't be able to insure the building if he doesn't own it.

His insurance will cover his possessions inside the building. So if it burns to the ground some night, Joe gets insurance money, and I'm out of luck.

If non owners could insure buildings, they could then set fire to them and make a tidy profit.

Answer 2

The owner gets insurance on their own building.  Any tenants get their own business policy to cover liability in case they get sued and business property.

Answer 3

You have to have insurable interest in order to take out insurance on a building.  If not it could be insurance fraud.  No claim would be paid and possible fines and jail time.

Answer 4

Why would someone else have insurance on property that you own?