Insurance questions

[Bogart]

Yes another about insurance. Bemused why the insurers need to know if I have 5 lever mortice locks on all external doors whe I am only insuring the building, no contents.

 

[Mrs McG]

Sloppy web form design would be my guess

 

[malcolm]

They asked me things like how many seats had seatbelts in a car I was insuring for storage only. It'll be what the computer asks for.

 

[Flyfisher]

To be fair, not having adequate locks could be an issue even for buildings-only insurance because the risk of unwanted 'guests' doesn't always stop at theft of the loose contents.

 

[Bogart]

I had a thought whilst in the bath, bit like Archimedes maybe. Why cannot my insurance company carry on with cover at £1.25m and if the whole thing collapses
I would be happy with £1m. Is more than the market value. Walk away and sell the land off, quids in?

 

[Cubist]

To be fair, not having adequate locks could be an issue even for buildings-only insurance because the risk of unwanted 'guests' doesn't always stop at theft of the loose contents.

True. Copper pipe and cisterns, CH boilers, floorboards, all sorts have been filched from empty houses in the past. If the house is not properly secured as the insurer requires they will almost certainly void the claim.

 

[Flyfisher]

I had a thought whilst in the bath, bit like Archimedes maybe. Why cannot my insurance company carry on with cover at £1.25m and if the whole thing collapses
I would be happy with £1m. Is more than the market value. Walk away and sell the land off, quids in?

I understand the sentiment but what's the situation with a listed property? Can the owner be made to rebuild it? Perhaps not much point if it's a total loss, but what if it only half falls down?

 

[Cubist]

I understand the sentiment but what's the situation with a listed property? Can the owner be made to rebuild it? Perhaps not much point if it's a total loss, but what if it only half falls down?

Apparently, if it's considered a Total Loss then the Listing can be voided - though only with the approval of the Secretary of State. Anything less, then re-build is required and, I suspect, that's why so many take what money they can and run. The new buyer then becomes liable for the re-build.

 

[Flyfisher]

So in the unfortunate event of a fire, maybe don't rush to call the fire brigade . . . . ???

 

[Bogart]

My surveyor said if it was total loss one would not be expected to rebuild. He speaks from experience. Now how would it work if one had no insurance suffer at loss and no funds to do any remedial work?

 

[Stevers]

Now how would it work if one had no insurance suffer at loss and no funds to do any remedial work?

You have the value as a building plot less the costs to clear it. The value of the plot would be dependant on what could be built on it (considerations of size, conservation area, neighbouring buildings etc.)

 

[Cubist]

You have the value as a building plot less the costs to clear it. The value of the plot would be dependant on what could be built on it (considerations of size, conservation area, neighbouring buildings etc.)

And not forgetting - if relevant - the residual Mortgage liability... and any accruing penalty liabilities if the mortgagee included a Must be Insured clause.

 

[Cubist]

So in the unfortunate event of a fire, maybe don't rush to call the fire brigade . . . . ???

And I was wondering why the First Lady was talking about a Viking funeral.... best not dwell on that.