insurance

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.

whoever owns the house

duh

Buildings cover is still the responsibility of the home owner however insurers usualy excluded window cover if they know the property is let. Contents insurance would obviously lie with the person renting the property.

Genreally as in all insurance the owner of the item to be insured is responsible for insurance.

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 paid insurance?

I hope your friend isnt malaysian, bought a house over here (when so many English people cant afford housing) and now hopes to milk our economy.

I'll burn it down myself.

Remember, tennants arnet cattle....theyre the customer, they, PAY your friend. He's the "employee" in this arrangement.

Cheeky Git!

The homeowner in England. he will take out insurance as he needs it.

The building insurance is his , he should let the company know the property is rented or it will invalidate any claim.

If letting through an agent make it part of the contract of tenancy that the tenant also insure as contents policy's also cover landlords fixtures and fittings, such as bath, kitchen units decoration etc .

usually the property insurance is the responsibility of the landlord - it is his property after-all and if it burnt to the ground he would want to be able to replace it.

the contents insurance is the responsibility of the tennant, its their property, and if it gets destroyed in the fire they will want to replace it.

Normally the home owner would buy homeowners insurance to protect his interest in the property. At the same time a tentant could buy renters insurance to protect his personal property. Usually if there is mortgage on the property the mortgagee will require the homeowner to carry sufficient 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 sizable investment and these things do catch fire occasionally and sometimes a car will run into it.

Who has responsibility for this expense should be stated in the tenancy agreement.

He would have to pay for the insurance his-self.

the owner if something would happen how would he get his money from the house always have insurance on anything of yours, he can always add it to there payment

If I were the owner I would get insurance (to include liability insurance) myself. It is my property and I would not trust someone else to insure it properly. I would consider the cost of the insurance as part of the cost of doing business (and adjust the rent accordingly)

the home owner

If the owner lets someone else pay for the house insurance, it's a big mistake - because if the other person doesn't pay on time, the policy gets cancelled, and the house burns down, the owner is SOL.

The owner needs to include the cost of insurance in the rent he is charging, and pay for it himself.

It is not a legal requirement in the UK for a home owner to have buildings insurance (bricks and mortar) or contents however it my be required as part of a mortgage agreement.

As both parties (the owner and the tennat) have insurable interest each party can take out insurance on the same property.

In this scenario it would be worth the owner of the house to take out buildings insurance and the tenants taking out contents. If the owner of the house is leaving any of their possessions in the house it may be worth extending it to cover limited contents. I would certainly advise your friend to take out the scenario above. If there is any more confusion phone up your local brokerage or phone around explain the situation to the adviser then go from there. Hope this is of help.