PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Letting house but unable to get building insurance due to subsidence claim
jonnyseven
Posts: 4 Newbie
Hi,
The property I've been living in was suffering from subsidence, so after having this confirmed I put a claim in through my insurance, which after they checked out with various surveys said was a valid claim but due to the type of subsidence and the fact that council owned trees with a preservation order were involved, would take time before any remedial work could be done. Apparently the council need lots of data and proof that the trees in question are causing the problem before permission can be give to cut them down.
In the mean time I am in the process of letting the property as I have to move to another location. I found a decent tenant who is due to move in next month. I called up the insurance company to advise them that I would need to change my type of insurance as I would now be landlord and not resident. They informed me that they only dealt with low risk residential insurance and do not give policies to landlords. Fair enough I thought, however on phoning around and speaking to a couple of brokers it seems that I will be unable to initiate another policy whilst I'm awaiting my current insurers to carry out remedial work. I was told that any insurer would only give a new policy if the property to be insured was in a sound structural state at the start of the policy and as mine was still awaiting repair to remedy subsidence it did not qualify this criteria.
It seems that I cannot continue with my current insurer but cannot start a policy with another so I'm really unsure with what to do, I've already signed the contract with the tenant who's already given notice on their current rental. I cant afford to keep the house empty and the reason I decided to let the property was because of the difficulty I had trying to sell. Sorry if this post is a bit long but I've tried to give as much information on the situation as I can.
Please, I would appreciate any advice you guys can give.
The property I've been living in was suffering from subsidence, so after having this confirmed I put a claim in through my insurance, which after they checked out with various surveys said was a valid claim but due to the type of subsidence and the fact that council owned trees with a preservation order were involved, would take time before any remedial work could be done. Apparently the council need lots of data and proof that the trees in question are causing the problem before permission can be give to cut them down.
In the mean time I am in the process of letting the property as I have to move to another location. I found a decent tenant who is due to move in next month. I called up the insurance company to advise them that I would need to change my type of insurance as I would now be landlord and not resident. They informed me that they only dealt with low risk residential insurance and do not give policies to landlords. Fair enough I thought, however on phoning around and speaking to a couple of brokers it seems that I will be unable to initiate another policy whilst I'm awaiting my current insurers to carry out remedial work. I was told that any insurer would only give a new policy if the property to be insured was in a sound structural state at the start of the policy and as mine was still awaiting repair to remedy subsidence it did not qualify this criteria.
It seems that I cannot continue with my current insurer but cannot start a policy with another so I'm really unsure with what to do, I've already signed the contract with the tenant who's already given notice on their current rental. I cant afford to keep the house empty and the reason I decided to let the property was because of the difficulty I had trying to sell. Sorry if this post is a bit long but I've tried to give as much information on the situation as I can.
Please, I would appreciate any advice you guys can give.
0
Comments
-
Is there a mortgage? If not,you could simply accet the risk of not insuring - at least till the remedial work is complete.
If you have a mortgage, the lender will insist on insurance though.
Have you tried brokers? There are brokers who specialise in high risk properties, let properties, properties undergoing renovation etc. Use duckduckgo (other search engines also available!) to find a specialist broker.
Fingers crossed the tenant does not sue for breachof contract.......0 -
Hi, thanks for the quick reply, yes the house is mortgaged, It was actually a couple of brokers that I spoke to that told me it would be every insurers criteria that at the start of a new policy that the building was in a sound condition, although do you think there might be a specialist broker who could help? I'll do some more phoning around tomorrow, I know I'll have to pay alot more for the new policy but am just hoping that I'll be able to get one at all!0
-
That's ridiculous!jonnyseven wrote: ».... a couple of brokers that I spoke to that told me it would be every insurers criteria that at the start of a new policy that the building was in a sound condition, although do you think there might be a specialist broker who could help? l!
All those people on Homes Under The Hammer who buy run-down properties and spend 6 months doing them up - of course they have insurance. And of course the properties are not "in a sound condition".
Try
HomeProtect
GSI INSURANCE
Property Insurance Centre0 -
That's ridiculous!
All those people on Homes Under The Hammer who buy run-down properties and spend 6 months doing them up - of course they have insurance. And of course the properties are not "in a sound condition".
I guess it seems that way but also that I have an ongoing claim might be the problem but at least you've given me some hope. I'll find out tomorrow when I do some phoning around0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards