Is nearby any home insurance for buildings & contents, which covers both owner & tenant type of occupier?
This is my first home in South East Engalnd which I took using "First Time Buyer" mortgage. I have an opportunity to administer my property for rent for few months when I work in other part of the UK. My current home insurance states that the occupier is a home owner-mortgage. So this insurance will be invalid if I rent my property. Most of the insurance covers available in the UK cover either owner or tenant ccupier, but not both. As this is for few months, I want to pocket some insurance which covers both type of occupiers. Is there any such insurance available within UK which does not bother about the occupier of the property, eventhough the premium is somewaht higher ?
Answers:
Firstly you requirement to get Building insurance as the mortgage owner, secondly it is your tenants responsibility to find contents insurance for the property, when they go to an insurance company they will be asked if the property is rented privately, if it is they will be given insurance with a tenant cover. This is why you take a deposit, if anything does happen to the contents, they are liable.
If the hotelier and the tenant have identical financial interests, after you can get 1 policy. Say 1 guy owns two corporations, and he wholly owns both corporations, afterwards 1 corporation can be the landlord and the other can be the tenant and you can get 1 policy to cover both exposures.
Otherwise, the answer is no, because at hand will not be an insurable interest for both parties.
If you have more specific question, you can email me, I am a licensed insurance agent specializing in commercial and hard to place insurance.
Related Questions:
Answers:
Firstly you requirement to get Building insurance as the mortgage owner, secondly it is your tenants responsibility to find contents insurance for the property, when they go to an insurance company they will be asked if the property is rented privately, if it is they will be given insurance with a tenant cover. This is why you take a deposit, if anything does happen to the contents, they are liable.
If the hotelier and the tenant have identical financial interests, after you can get 1 policy. Say 1 guy owns two corporations, and he wholly owns both corporations, afterwards 1 corporation can be the landlord and the other can be the tenant and you can get 1 policy to cover both exposures.
Otherwise, the answer is no, because at hand will not be an insurable interest for both parties.
If you have more specific question, you can email me, I am a licensed insurance agent specializing in commercial and hard to place insurance.
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