Home insurance for my son

Diko_2

My son stands no chance of getting a mortgage and as he teaches in further education and has no money to rent we are buying a house, in our names (mum and dad) , so he can live close by to the college which is 90 miles from our family home.
He is going to pay us back with a 0% loan, we can go to see him and stay, so can his brother who is about to be made redundant. Better chances of a steady job there.
How is home and contents insurance arranged? We cant insure as we dont live there.
Insurance companys arnt quite clear can you help ? Thanks in advance Diko.

Faith177

Speak to a broker (not swinton) and some insurers may allow you to do the buildings and your son to do the contents in his name

stator

If you own the house he is a private tenant with some kind of 'rent to buy' agreement. I wouldn't think this changes the insurance.

Diko_2

Hmmm thats what we thought. I have passed this problem onto our conveyancing solicitor.

muppet610

Hi. Insurance is all about who will make a financial loss if something happens to the item insured.

Therefore as you own the building you will need to insure it.

As your son(s) technically are your tenant(s) you need a tenancy agreement between you.

You can then insure the buildings under a property owners policy (prices should start from £121).

Your son(s) will then need to insure their own contents.

InsideInsurance

muppet610 wrote: »

Hi. Insurance is all about who will make a financial loss if something happens to the item insured.

Therefore as you own the building you will need to insure it.

But a tenancy agreement can transfer liability for the loss to the tenant. Its unusual but can happen and if it does the tenant then has an insurable interest. Unfortunately because of its rarity trying to get insurance from a website on this basis is unlikely to succeed

OP - you dont say who is actually going to own the property? You or him, its a separate question to who is paying. Are you buying it cash or with a mortgage? If its a mortgage is it a buy to let mortgage or an owner/occupier?