Home insurance for other peoples possessions in my house.

Shaff

I've just moved to a family home with a large attic.

Some of my friends, who live in flats and lack storage space are now storing their extra stuff in my attic, mainly their excess clutter!

Am I insured for their possessions too under my contents insurance? If there was a fire or break in - would I be able claim back the value as if they were my things?

Or can they insure their stuff while it is stored in my house?

Any advice would be great!!

Shaff

Tygermoth

No. it is very unlikely their stuff will be covered. Your insurance will say something like...’ your possessions’ (‘your’ being family or people living in the home) Some policies have cover for guests at the home, but the other people live in the block so would not be considered guests.

Most policies do state 'items or goods for what you are legally responsible' but this would require a binding contract between you and the friends storing goods in your attic.

They can have the items covered as an endorsement on their own polices. They will have to pay for the privilege.

dogbot

As above, best to get them to cover it under their own policy - or sping for a storage unit space!!

Shaff

Thanks for the advice..

So if I put together a written/signed 'contract' between myself and my 'storage occupiers', saying that I 'take legal responsibility' for their goods, do you think thats a loop hole which I could use, just in case...?

For them expensive commercial storage rates would be too high (about £40 p/m), but I'm sure if they could insure their goods for much less somehow, that could cover it. But how would they do this, I doubt thier own insurance would cover it OR is their scope for insurance companies developing a new product for this purpose, if one like this does not exist?

geri1965_2

They can cover it under their own policies easily enough - they will just have to pay extra. It may not be worth it though, if it is just "excess clutter".

Tygermoth

Having a binding contract drawn up would:

1. Be ill advised as you could make yourself liable for more than you bargained for.

2 For it to be considered 'legally binding' it would need to be formal (not just a hand written note) and to have a formal contract drawn up would cost more than the likely amendments to your friends insurance!

3. You would need to make your insurance company aware you had taken on this legal responsibility as you are altering the parameters of the risk and could alter or invalidate your own insurance.

As stated previously most insurers will consider items stored away from the home for a small fee and the better option around. So get your friends to contact their own insurers.