Building Insurance

We have had the same yard for over 20 years and had numerous leases to cover this. In the early leases it stated that the landlord was liable for insurance to cover the premises (Buildings cover). Then about 6 years ago the section of the lease changed to state that the landlord is to get the insurance but can claim the cost from us (tenant) should he so wish. Now the lease states that we (tenant) are liable to get the insurance and should take it out in joint names of us & landlord.

This has all seemed to stem from the current management agent employed by the landlord to oversee their property portfolio. Previous agents have been pretty good and understanding, but these new parasites are very aggressive.

Also the area we are situated has been under regeneration for some years but due to recession it has slowed down. Something does not seem right to me.

Finally is there anybody who could advise me as to the legality of insuring a property which I do not own but only rent? If I need a policy could I get advise on that?

Cheers :wacko:

If it's not yours then why insure it?

What is insured , your gear , your lorry's , and what could you put a claim in for ?

if your paying insurance then surly you are covered and can put a claim in if you need to.

Its a common clause used in leases. I think its sometimes its added to put the responsibility of insuring the property on the person leasing/renting.

It is legal but as far as I know it can't be added to a lease halfway through. It would normally be added at the beginning of a new lease. It's normally to cover any buildings against fire or damage

PM me and I can put you in touch with a good insurance agent who will talk you through the options

ive had that in leases too and neverbothered

Hence the reason the owner should get the insurance. Where would you have stood legally Scaffy if the worst was to happen?

aom said:

Hence the reason the owner should get the insurance. Where would you have stood legally Scaffy if the worst was to happen?

Click to expand...

I cant comment legally, but as you have no 'insurable or financial' interest in the property (buildings) you dont have to insure it however your rental agreement states you should and name the landlord as interested party. therefore should the building burn down you claim on your policy and he gets paid.
this is seperate to any of your gear or liability covers.

In the past the landlord takes his own policy for his property and then bills you as tennant; this has changed since management companies have taken over the running of peoples property sites.