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Insurance
clara_t
Posts: 1 Newbie
My mum has recently transferred the title deeds of her house into my sister and my names but now can’t insure her property. When we try to insure the building in our names the premium is very expensive more than 4 times what my mum was paying? Does anyone know how to get round this? I’ve been told landlord insurance is not the way to go as mum pays us no rent and we are not registered. Has anyone else met this issue?
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Comments
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Sadly, the experience of insurers is that buildings issues are much more likely to happen in homes occupied by someone other than the owner. The occupier doesn't care as much as it's not their property, and the owner has a much harder time finding what needs fixing. So it's less likely that essential maintenance is being done, issues may be left to grow and become more severe instead of being fixed at the first opportunity, etc.1
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Best to contact an insurance broker I expect.
Why did your mum transfer title? There are possibly other reasons why that was a bad idea. Do either you or your sister live in the property?2
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