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Home insurance during caretaker agreement

  • 01-09-2016 11:46am
    #1
    lotusz31
    Registered Users Posts: 6 ✭


    Hi all,

    We're in the process of purchasing a property, but because the current owners are moving abroad they would need an extra few days to vacate the property as they need to cash the cheque and reissue a foreign cheque. To accommodate for this, we set up a caretaker agreement for this period of time with our solicitor.

    Our insurance company advised however that we would not be covered for claims during this time on the home insurance as the people in the house have no longer any vested interest in the property. As such this will violate our mortgage terms as basically we are not insured when we do not reside in the property. The current owners can also not insure the property as they are not the owners.

    A rental agreement is not allowed as our mortgage terms require primary habitation so we are not allowed to rent the property for this time and get landlord insurance.

    Can anyone advise on how we can get home insurance cover for this period so that there is home insurance in place and that cover is provided during the period that we have the caretaker agreement active?

    Is this just this one insurance company? Caretaker agreements are relatively common so how does this work in the usual scenario?

    Thanks,

    Lotusz


Comments

  • #2
    Sesame
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭Sesame


    We had a caretakers agreement in a similar mid-buying the house situation. But it went on for months.
    They do own the house while you are caketakers. Not sure why you think they won't own it for that period,as they definitely do.
    Or maybe I'm reading it wrongly and you own it with them occupying it as caretakers.
    The owners of the house are responsible for insurance. The occupiers could pay them for the insurance premium for the period they are in the house, but the home owners are responsible for getting it.
    It would be the same for instance, if you did a house swap for a holiday. The owners of the property need to cover it and the occupiers should be declared.


  • #3
    lotusz31
    Registered Users Posts: 6 ✭lotusz31


    Hi

    Thanks for your reply.

    Yes in fact it is us who are becoming owners with the current owners remaining in the house for a short period of time. So they are staying as caretakers and I am looking for advice on how to cover the house for this period...

    best
    lotusz


  • #4
    Borzoi
    Registered Users, Registered Users 2 Posts: 2,876 ✭✭✭Borzoi


    I'm surprised that your solicitor is entertaining this idea. most insist on vacant possession.

    TBH the vendor is making their problems yours, and their not. they can pay for a hotel for a few nights and their movers can store belongings too.


  • #5
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    lotusz31 wrote: »
    Hi

    Thanks for your reply.

    Yes in fact it is us who are becoming owners with the current owners remaining in the house for a short period of time. So they are staying as caretakers and I am looking for advice on how to cover the house for this period...

    best
    lotusz

    Why not move the dates to meet the sellers move date, did you check to see if this will cause you problems with the draw down?
    If not the advantage is all with the sellers and the risk with you because as it stands you won't have use of the house any way.


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