LandlordZONE

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Jul, 2014

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  1. #1

    Default urgent insurance req'd

    Hi
    Just in the late stages of purchasing a property. Solicitor is completing in the next few days but has asked for proof of buildings insurance, but also my lender has insisted that their interest is noted in the insurance policy specifically, and they have also insisted that if the policy is cancelled, or not renewed that the insurance company notify them (my lender). IS this standard practice? and can anyone suggest a company that can comply with this?

    many thanks!
    Dobs

  2. #2
    Join Date
    Mar 2008
    Posts
    132

    Default

    Hi dobbass

    Should be easy as this is quite a common request and therefore insurers should be OK to comply. Probably better to arrange through a broker rather than online as the exact terms may need to be checked. Might be obvious to say this, but the insurer will need the name of the lender, an address and the mortgage lender reference.

    Good luck.

  3. #3
    Join Date
    Oct 2007
    Location
    80 London Road, Southend-on-Sea, Essex
    Posts
    522

    Default

    Yes, this is standard practice by all the insurers we deal with. A common request by lenders as they obviously want to know that the property they have a financial interest in is insured (or not as the case may be).

    The LandlordZONE Insurance Directory may help.
    Steve Smith - Company Director at a leading Landlord Insurance broker with 10+ years experience in the industry
    LandlordZONE Verified Poster and Topic Expert for Landlords Insurance
    See my profile for contact details

  4. #4

    Default

    Thanks Guys,
    Much appreciated.

    Dobs

  5. #5
    Join Date
    Aug 2008
    Posts
    128

    Default

    if it freehold or leasehold and does landlord arrange buildings insurance under the terms of the lease ?

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