Second House Bought For Parent - Buildings Insurance?

Davie2

I've just bought a second house for my parents to live in, they are NOT renting from me and I'm not their landlord.

Do I have to have landlords insurance? The insurance companies do seem to know, most just bail out as the call takers can't be bothered! But because it's not my main residence it's causes issues.

Anyone in the same boat?

kingstreet

Your parents cannot insure the building as they have no insurable interest. They would not lose financially if it was eg destroyed in a fire.

So the onus falls on you, the property owner, to insure it.

As you aren't the owner occupier, you need a product which is more than likely intended for landlords, although you aren't charging rent, the relationship is similar.

Your parents should, of course, insure their belongings using contents cover.

huckster

Agree with Kingstreet.

Although you don't really need to have a landlords policy, unless you have a shorthold tenancy agreement with your parents.

If you speak to the Insurers of your main residence, they should be able to cover the property. You will find that some Insurers won't provide standard Home Insurance, unless they are covering your main residence.

mrsS_2

we are in exactly the same situation as mother in law lives rent free in a bungalow we own and bought for her to live in.

she pays her own contents insurance but we have to insure the buildings.

I have found Direct Line extremely helpful- we did not have to take out a landlords policy as she is considered to be a close family member.

I have even had to claim on the policy when a van knocked down the front wall and it had to be rebuilt. No problems at all