Home Insurance Query

RainyJ

Hi there,


I was hoping that someone might be able to assist with the query below.


I own a house that I previously lived in and upon relocating enlisted the assistance of a letting agent to manage the property and find tenants. At the time the letting agent advised that I did not need to make any changes to the insurance policy. I now know this was not the case.

Unfortunately, there has been some damage caused to the house due to an incident at the adjoining property.

Do you know what might happen if I was to call the insurance company and explain the situation and request to now change the insurance from owner-occupied to landlord insurance?

Or would I be better off covering the cost myself without making a claim? The cost is yet to be determined.

Any advice would be greatly appreciated.

Thanks

Cows Go µ

RainyJ wrote: »

Hi there,


I was hoping that someone might be able to assist with the query below.


I own a house that I previously lived in and upon relocating enlisted the assistance of a letting agent to manage the property and find tenants. At the time the letting agent advised that I did not need to make any changes to the insurance policy. I now know this was not the case.

Unfortunately, there has been some damage caused to the house due to an incident at the adjoining property.

Do you know what might happen if I was to call the insurance company and explain the situation and request to now change the insurance from owner-occupied to landlord insurance?

Or would I be better off covering the cost myself without making a claim? The cost is yet to be determined.

Any advice would be greatly appreciated.

Thanks

If the damage is due to a neighbour, can you not claim off their policy?

Either way, you need to get the policy changed right away. An owner occupied property is very different to a rented property and would be rated accordingly. Depending on the company it may just be a case of changing the existing policy but some require you to cancel the existing policy and take out a whole new one

coylemj

Cows Go µ wrote: »

If the damage is due to a neighbour, can you not claim off their policy?

If it was an accidental fire, no.

1.—(1) Where any person (in this section referred to as the injured person) has suffered damage by reason of fire accidentally occurring (whether before or after the passing of this Act) in or on the building or land of another person, then, notwithstanding any rule of law, the following provisions shall have effect, that is to say:—

(a) no legal proceedings shall, after the passing of this Act, be instituted in any court by the injured person or any person claiming through or under him or as his insurer against such other person on account of such damage;

Accidental Fires Act 1943

RainyJ

Thanks.

Yes, it is definitely my intention to change the policy asap and I do not intend on falsely making a claim.

I suppose, before I notify the insurance company that the house has been insured incorrectly, I'm trying to find out what the worst outcome might be? Will they just refuse to pay the claim?

coylemj

RainyJ wrote: »

I suppose, before I notify the insurance company that the house has been insured incorrectly, I'm trying to find out what the worst outcome might be? Will they just refuse to pay the claim?

The worst outcome is that they cancel the policy, refund your premium and tell you to PFO.

Having a policy cancelled by the insurance company is a mark on your record that you can do without because you will be required to declare it in the future. When you seek a quote for insurance, they all ask a question along the lines of 'have you ever been refused a quote or had a policy of insurance cancelled?'

So negotiate with them, see if you can have the policy modified and I wouldn't hold out much hope of getting the claim settled.