My parents live in a house I own, does this affect the insurance?

jonyardley

My parents are going to live in a property I own. Does this affect the insurance cover on the property, and who is responsible for it?

theartfullodger

Yes, of course,

In your shoes I'd get landlord cover, GSC, EPC etc etc etc..

Will they be paying rent? Or doing anything which you would otherwise have to pay for (maintenance, decorating, sorting garden...) - which would be classified as "moneysworth" & thus rent.

What signed-by-both-parties agreement will you have?

Mortgage? If so do you have lender's agreement (most would say no..)

When you spoke to your insurers (as we can only really guess...) what did they say?? I doubt many policies are identical so the answer & action needed will vary.

Guest101

As artful says, assuming you wont be living there too

NicNicP

You would need to insure the building and your parents need to insure their contents.

POPPYOSCAR

NicNicP wrote: »

You would need to insure the building and your parents need to insure their contents.

According to Direct Line you do not need Landlord insurance if a family member is living there.


As said in post quoted you insure the buildings and they insure the contents.

bris

Buildings insurance is down to you to keep the mortgage lender happy, whether you charge your parents for it is down to you. Contents are to protect their contents so they can arrange their own.

marksoton

jonyardley wrote: »

My parents are going to live in a property I own. Does this affect the insurance cover on the property, and who is responsible for it?

So you're a LL.

And all that entails......