Insuring a house that my parents live in

Murphy_The_Cat

I'd be very grateful if anyone can offer me some pointers



My sister (who lives abroard) and I have recently been "willed a house".
Our parents will live in the house until the end of their days, rent free.
The house is Grade 2 Listed.


In the next month, the buildings insurance policy is coming up for renewal.


How do I get a policy which covers the property, without spanking my sister and I in the pocket ?


The complications seem to be a)there are family members living in a house that we own, rather than paying tenants &b) the property is Grade 2 Listed.


Currently, my parents pay for contents insurance out of their own pocket, but my sister and I would be happy to insure under a buildings and contents basis if it could be done economally and effectively.

G_M

https://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=21

happyandcontented

To be fair, buildings insurance for a grade 2 listed property that you now 'own' is likely to be quite costly, but is still vital to protect your 'inheritance' and the home that your parents live in.

I would just shop around via a broker to get the best deal which covers all eventualities.

theartfullodger

Contact specialist landlord insurer brokers -eg Alan boswell or Hamilton Fraser

Murphy_The_Cat

G_M wrote: »

https://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=21

Thank you G-M I'll repost on that board

happyandcontented wrote: »

To be fair, buildings insurance for a grade 2 listed property that you now 'own' is likely to be quite costly, but is still vital to protect your 'inheritance' and the home that your parents live in.

I would just shop around via a broker to get the best deal which covers all eventualities.

cheers happyandcontented. I want to do the "right thing" for all of the parties involved.

theartfullodger wrote: »

Contact specialist landlord insurer brokers -eg Alan boswell or Hamilton Fraser

I'm really, really hoping that I/we can find a legitimate way to insure the house without being considered as Landlords

xylophone

The testator left the property to you and your sister but you are allowing your parents to live in your property until the second of them dies or no longer wishes to live in it?

Or the testator created a life interest trust in your parents' favour?

Or the testator gave your parents a "right of occupation"?

If the first, then regardless of whether or not they pay rent, your parents are tenants and you and your sister are landlords and require the appropriate insurance?

If the will has created a right to occupy or a full life interest, then it should also have required your parents to insure and maintain the property?

FreeBear

Someone like the NFU may be able to offer a suitable policy. However, do get a survey done by someone with extensive knowledge of listed buildings to provide a decent estimate of the rebuild cost. Also bear in mind that should anything untoward happen to the property and only a partial rebuild or repair is required, the cost could conceivably be higher than the rebuild cost.

00ec25

to save people continuing to guess please explain what you mean by "willed a house"?

a) your parents owned it but have transferred ownership into you and your sister's names? So the transfer is now recorded at the Land Registry and you are the documented legal owners?
b) someone else owned it, they died, and you have inherited it through a will?
c) your parents still own it but have left it to and sister as part of their own will? So you don't actually own it yet, but for some bizarre reason you want to pay to insure something you don't own?

Murphy_The_Cat

xylophone wrote: »

The testator left the property to you and your sister but you are allowing your parents to live in your property until the second of them dies or no longer wishes to live in it?

Or the testator created a life interest trust in your parents' favour?

Or the testator gave your parents a "right of occupation"?

If the first, then regardless of whether or not they pay rent, your parents are tenants and you and your sister are landlords and require the appropriate insurance?

If the will has created a right to occupy or a full life interest, then it should also have required your parents to insure and maintain the property?

The testator gave my parents a "right of occupation". They are required to maintain the property and they insure the contents. The building is to be insured by the owners.

FreeBear wrote: »

Someone like the NFU may be able to offer a suitable policy. However, do get a survey done by someone with extensive knowledge of listed buildings to provide a decent estimate of the rebuild cost. Also bear in mind that should anything untoward happen to the property and only a partial rebuild or repair is required, the cost could conceivably be higher than the rebuild cost.

Thank you for the NFU suggestion and pointer of getting a survey done by a relevant skilled person.

00ec25 wrote: »

to save people continuing to guess please explain what you mean by "willed a house"?

a) your parents owned it but have transferred ownership into you and your sister's names? So the transfer is now recorded at the Land Registry and you are the documented legal owners?
b) someone else owned it, they died, and you have inherited it through a will?
c) your parents still own it but have left it to and sister as part of their own will? So you don't actually own it yet, but for some bizarre reason you want to pay to insure something you don't own?

b)

xylophone

Is what is required actually Trustee insurance?

Would Castleacre help?

https://www.castleacreinsurance.com/

Murphy_The_Cat

xylophone wrote: »

Is what is required actually Trustee insurance?

Would Castleacre help?

https://www.castleacreinsurance.com/

Even that website looks frighteningly expensive :eek: