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Advice Needed On Purchasing Second Property
aduk85
Posts: 27 Forumite
So I am in the fortunate position that I will be buying a second property soon, and will be letting a family member live there rent free.
I have a question with regards to insuring the property for buildings & contents.
Do I have to get normal insurance like I have for my main home, or do I need to get Landlord insurance?
I am abit confused as well I've never been in this position before and I actually don't know which is the best option to go down.
Can someone give me some advice please?
I have a question with regards to insuring the property for buildings & contents.
Do I have to get normal insurance like I have for my main home, or do I need to get Landlord insurance?
I am abit confused as well I've never been in this position before and I actually don't know which is the best option to go down.
Can someone give me some advice please?
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Comments
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Bit of a grey area as it isn't really a second home if someone is going to be living there as their main residence, then again you are not letting it out under a standard tenancy.
I would ring a broker that deals with lettings and home insurance and ask their opinion.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
or ask over on the insurance board here.Bit of a grey area as it isn't really a second home if someone is going to be living there as their main residence, then again you are not letting it out under a standard tenancy.
I would ring a broker that deals with lettings and home insurance and ask their opinion.0
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