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Home insurance for leased property

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  • 11-03-2014 12:49pm
    #1
    morningperson
    Registered Users Posts: 16 ✭


    I have a property in a long term leasing scheme (10 years) with my county council. In this scheme the council manage the tenants and I'm not aware of the details of its occupancy. I only need to obtain structural insurance. I am having issues insuring it and have been told by a broker they won't be able to find any insurer for it because I don't have the relationship with the tenant. In fact after Explaining the details to them last year and having it insured I found on renewing that it hasn't been insured on the correct basis and now they tell me they won't be able to find an insurer.
    Could anyone who has a property similarly leased recommend an insurer who is familiar with and will insure leased properties?


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    #2
    kkelliher
    Registered Users Posts: 1,583 ✭✭✭kkelliher


    morningperson wrote: »
    I have a property in a long term leasing scheme (10 years) with my county council. In this scheme the council manage the tenants and I'm not aware of the details of its occupancy. I only need to obtain structural insurance. I am having issues insuring it and have been told by a broker they won't be able to find any insurer for it because I don't have the relationship with the tenant. In fact after Explaining the details to them last year and having it insured I found on renewing that it hasn't been insured on the correct basis and now they tell me they won't be able to find an insurer.
    Could anyone who has a property similarly leased recommend an insurer who is familiar with and will insure leased properties?

    this makes no sence. You insure the property as rented accommodation as apposed to a private property. The actual contractual relationship between the landlord and tenant would not carry any difference in the risj profile for an insurer so I actually dont know what your broker is trying to state.


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    #3
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    I would't skimp on public liability insurance whatever happens. I wouldn't be able to sleep soundly if I didn't have public liability cover in place. Sorry I can't help with the specifics but I'd try FBD. They covered a building we couldn't get cover on from many other insurers (unoccupied).


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    #4
    morningperson
    Registered Users Posts: 16 ✭morningperson


    I rang FBD and they looked into providing landord insurance for me but would need to be notified if the property is occupied or unoccupied.
    I checked this with the county council (Fingal) that the propery is leased to in case they would do this (notify me of the occupied/unoccupied status when it changes) but they don't do this.
    FBD can't insure the property for me if I can't provide this information so they can keep the policy correctly updated as occupied/unoccupied.
    I'm sure others must have properties leased like mine insured and I'd love to find out who they are insured with or how they arranged it. I only need structural and public liability insurance.


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    #5
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    No. No one could have their property correctly insured if leased like that. A policy for a rented property and for an unoccupied property are two seperate, completely differently rated products. The obvious scenario is that you find out whether it is currently occupied, (if the council won't tell you I'm sure you know where your house is and can drive by!).

    A residential property is deemed unoccupied by most insurers if there has been no-one there continually for 30 days. At that point the cover on the property would reduce from full perils (fire storm theft etc) to fire only. So were the property to be unoccupied for 60 days and you had a water damage claim, you would not get it paid out.


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