Information regarding Building Insurance

rotti1967

I need some advice please the house we live in now is owned by my wife's daughter who has moved to Spain, what she wants to know is can she get the building insurance in her daughters name even though she doesn't live in this country as they have a shared bank account or has her daughter got to do it.

dogbot

Are you paying the owner of the property rent? If so, if it is any sum at all, then she might benifit from a landlords policy.

Whatever the case the person with the insurable interest (the legaly recognised financial interest) in the building needs to take out the policy on those buildings. This would be the daughter from your description. She must be the policy holder.

Who pays for this and how, and who arragnes the cover is another matter. Your wife could do all this as the agent of your daughter, but any answers to the proposal questions must be 100% truthfull and correct. Your daughter will need to validate the agreement.

It seems like a fairly unique situation, so your wife and her daughter may be best talking to a broker who specialises in personal lines insurance. They would know which insurers would be able to deal with this slighly out of the ordinary arrangement.

All that said, there shouldn't be anything to stop the daughter taking out the policy over the phone with a broker from her home abroad.

You need to insurer the contents owned by your wife and yourself in your own name, as policyholders

rotti1967

Thanks for the reply my wife will have to get in touch with her daughter to sort it out.