Question : Who pays for the home insurance when you let your house?
I ask this question on behalf of my friend, who lives in Malaysia. He wants to know what the law in England will be in this case.My friend is gonna let his house to another, so that he can have some income. A question arises: They need to buy a home insurance in case there is an accident like fire. Apparently in Malaysia, a homeowner doesn't have to buy insurance for his house.So in this case, who should pay for the home insurance, the homeowner or the tenant? I mean, the rental period is 2 years, and the insurance, if paid, will cover for 2 years only.
- asked by fantasyvn2002
All Answers:
Answer #1
the home owner
- answered by nomad
Answer #2
He would have to pay for the insurance his-self.
- answered by jade
Answer #3
To ask, your friend must be a money grabbing git.If burned down, and insurance builds a new house,is it the tennants house now, if they paidinsurance?I hope your friend isnt malaysian,bought a house over here (when so many Englishpeople cant afford housing) and now hopes to milkour economy.I'll burn it down myself.Remember,tennants arnet cattle....theyre the customer,they, PAY your friend. He's the "employee" in thisarrangement.Cheeky Git!
- answered by ben b
Answer #4
Normally the home owner would buy homeownersinsurance to protect his interest in the property. At the same time a tentant could buy rentersinsurance to protect his personal property. Usually if there is mortgage on the property themortgagee will require the homeowner to carrysufficient insurance. If there is no mortgage,the homeowner does not have to have insurance,it's just a good idea because a house is a sizableinvestment and these things do catch fireoccasionally and sometimes a car will run intoit.
- answered by A E N
Answer #5
If the owner lets someone else pay for the houseinsurance, it's a big mistake - because if theother person doesn't pay on time, the policy getscancelled, and the house burns down, the owner isSOL.The owner needs to include the cost ofinsurance in the rent he is charging, and pay forit himself.
- answered by mbrcatz17
Answer #6
the owner if something would happen how would heget his money from the house always have insuranceon anything of yours, he can always add it tothere payment
- answered by bonnie
Answer #7
Buildings cover is still the responsibility of thehome owner however insurers usualy excluded windowcover if they know the property is let. Contentsinsurance would obviously lie with the personrenting the property.Genreally as in all insurancethe owner of the item to be insured is responsiblefor insurance.
- answered by John M
Answer #8
If I were the owner I would get insurance (toinclude liability insurance) myself. It is myproperty and I would not trust someone else toinsure it properly. I would consider the cost ofthe insurance as part of the cost of doingbusiness (and adjust the rent accordingly)
- answered by Mn
Answer #9
whoever owns the houseduh
- answered by jane
Answer #10
Who has responsibility for this expense should bestated in the tenancy agreement.
- answered by malcy
Answer #11
usually the property insurance is theresponsibility of the landlord - it is hisproperty after-all and if it burnt to the groundhe would want to be able to replace it.thecontents insurance is the responsibility of thetennant, its their property, and if it getsdestroyed in the fire they will want to replaceit.
- answered by alatoruk
Answer #12
It is not a legal requirement in the UK for a homeowner to have buildings insurance (bricks andmortar) or contents however it my be required aspart of a mortgage agreement. As both parties (theowner and the tennat) have insurable interest eachparty can take out insurance on the same property.In this scenario it would be worth the owner ofthe house to take out buildings insurance and thetenants taking out contents. If the owner of thehouse is leaving any of their possessions in thehouse it may be worth extending it to coverlimited contents. I would certainly advise yourfriend to take out the scenario above. If there isany more confusion phone up your local brokerageor phone around explain the situation to theadviser then go from there. Hope this is of help.
- answered by CW
Answer #13
The homeowner in England. he will take outinsurance as he needs it.
- answered by rita g
Answer #14
The building insurance is his , he should let thecompany know the property is rented or it willinvalidate any claim. If letting through an agentmake it part of the contract of tenancy that thetenant also insure as contents policy's also coverlandlords fixtures and fittings, such as bath,kitchen units decoration etc .
- answered by Jim G
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