Advice re buildings insurance

wahly

Mum signed her house over to us a few years ago and we have never given it much thought until now (she's in her 80's). Main query for now is that she's always lived there ( rent free) as the homeowner, which technically she's not,and has insured the house herself.Is this allowed or do we as the homeowners have to insure the building?Any advice appreciated as am now a little worried!

Debt_Free_Chick

There's a danger that mum's building insurance is not valid - or at least, hasn't been she signed the house over to you. I assume both of you have the legal title i.e. you are registered on the deeds/Land Registry as the owners of the title. If so, then you should insure the building. You have what's known as "insurable interest" i.e. you would lose out if an insurable incident happened.

First off, why not contact the existing insurers and explain the situation. They may just swap the policy to your names. But consider shopping around/checking the terms & premium too.

Simulacraton

Remember, as you are not named on the insurance policy, they probably won't be able to divulge information to you due to data protection. You'll need to get your mums authorisation.

They can just change names on the policy, though they may try and sign you up on a new policy.

wahly

Thanks for info, unfortunately mum insured with a "retired" specialist and as neither of us are retired, don't think they will swap it over or, as you suggest, at a cost. Will just have to see.
thanks again.

*Scarlett

Some insurers will allow you to continue cover in your Mum's name as long as she has a lifetime interest in the property.

If she is insured with a "retirement" company you may find that they have experience of this situation and will be able to advise you accordingly.

At the very least you should consider adding your own name to the policy as a joint proposer and making the company aware that you have a financial interest in the building.

l0u1se

If you are talking about SAGA then they transfer the cover and allow the policy to continue, ring them to check though

VictorM_2

Indeed - due to the nature of their business Saga (if that is the broker on this occasion) are pretty flexible about such things. You may need to speak to their Personal Support Team.

wahly

Thanks everybody, will ring next time with mum. Sounds not too daunting!!