Home insurance: answering "When did you buy the property?" question correctly

EnquiringMind33

In most cases, the answer is simple. But when the property one owns and lives in (mortgage fully paid off) was inherited, what is the correct date to give? When it was inherited, when the deceased owner(s) paid off the mortgage, or when THEY original bought/moved in and took out the mortgage? The latter two would have to be estimated to some extent.

Flugelhorn

I would assume the date of the transfer to you in the LR 

EnquiringMind33

Thanks, that was quick! Even that's slightly complex, as my parents jointly owned the property but died 8 years apart. On the death of the first, I became joint owner with my surviving parent, and on their death, full owner. So even then, I wonder which date is most appropriate...?

Flugelhorn

EnquiringMind33 said:

Thanks, that was quick! Even that's slightly complex, as my parents jointly owned the property but died 8 years apart. On the death of the first, I became joint owner with my surviving parent, and on their death, full owner. So even then, I wonder which date is most appropriate...?

but did you become the joint owner on the death of the first? if they were joint owners then the survivor became the sole owner - who insured the property during that time? who lived there?

DullGreyGuy

When you as the policyholder became the legal owner of the property... excluding certain Shia mortgages, mortgage doesn't change ownership.

EnquiringMind33

Flugelhorn said:

EnquiringMind33 said:

Thanks, that was quick! Even that's slightly complex, as my parents jointly owned the property but died 8 years apart. On the death of the first, I became joint owner with my surviving parent, and on their death, full owner. So even then, I wonder which date is most appropriate...?

but did you become the joint owner on the death of the first? if they were joint owners then the survivor became the sole owner - who insured the property during that time? who lived there?

Yes, I did become joint owner then. I insured the property but in our joint names and we both lived there.

Flugelhorn

EnquiringMind33 said:

Flugelhorn said:

EnquiringMind33 said:

Thanks, that was quick! Even that's slightly complex, as my parents jointly owned the property but died 8 years apart. On the death of the first, I became joint owner with my surviving parent, and on their death, full owner. So even then, I wonder which date is most appropriate...?

but did you become the joint owner on the death of the first? if they were joint owners then the survivor became the sole owner - who insured the property during that time? who lived there?

Yes, I did become joint owner then. I insured the property but in our joint names and we both lived there.

so presumably at that date your name went on the land registry? probably that this the date then

EnquiringMind33

Flugelhorn said:

EnquiringMind33 said:

Flugelhorn said:

EnquiringMind33 said:

Thanks, that was quick! Even that's slightly complex, as my parents jointly owned the property but died 8 years apart. On the death of the first, I became joint owner with my surviving parent, and on their death, full owner. So even then, I wonder which date is most appropriate...?

but did you become the joint owner on the death of the first? if they were joint owners then the survivor became the sole owner - who insured the property during that time? who lived there?

Yes, I did become joint owner then. I insured the property but in our joint names and we both lived there.

so presumably at that date your name went on the land registry? probably that this the date then

Yes it did - thank you.

Flugelhorn

I am not sure what difference it makes to the insurance company other than checking the database for claims over that time, seeing as you were on the LR and living there then that would be a reasonable date to use.

DullGreyGuy

Flugelhorn said:

I am not sure what difference it makes to the insurance company other than checking the database for claims over that time, seeing as you were on the LR and living there then that would be a reasonable date to use.

The longer you've owned a property the more likely you can answer questions about flooding etc accurately. Escape of Water is one of the highest costing claims and again if you've just moved in you really don't know the condition of the pipework etc. 

Ideally an insurer would ask about not only your claims experience (which says if your the type to claim or live with damage) but also the property's claim history but in most cases policyholders will have no idea about claims that happened before they bought the property other than for subsidence