urgent insurance req'd

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  • 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
    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.

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    • #3
      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 17+ years experience in the industry
      LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
      See my profile for contact details

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      • #4
        Thanks Guys,
        Much appreciated.

        Dobs

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        • #5
          if it freehold or leasehold and does landlord arrange buildings insurance under the terms of the lease ?

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