Buildings Insurance - for a Flipper?

Bottom line is that if you have a mortgage then you need to have at least buildings insurance in place. There are FOUR scenarios that you are likely to face and each will have different insurance requirements

Residential Property

Stanadard insurance policy used when you are simply going to be living in the property that you have just bought. High Street insurers will help you out and those nauseating adverts will probably take your money.

Buy to Let/Consent to Let

You need different insurance here. Alot of the high street insurers will not look at you and you may need to find a broker who will be able to source the market for you. Remember if you have a resi mortgage and move out to rent the property not only do you need to tell your lender and get a consent to let but you should also seek advice on whether your insurance is suitable. In all likelihood it will not be.

Holiday Let

Bought that lovely cottage in the Highlands or what about that bolt hole in Fife. Don't think that you can rely on a standerd resi insurance policy though. A BTL insurance package is also not appropriate. You need specialist holiday cover. Watch out it ain't cheap. Try the Googles or call me for advice.

Flipper

No not the dolphin! The doer upper. The property developer is going to need refurb insurance. The place is going to be empty, there is going to be equipment lying around which is likely to attract "Scar Face Jimmy" and his mates. Again premiums are going to be on the high side. This was always difficult to get for your punter but I can help find you the right cover.

The lender is likely to want you to have their interest noted in the policy. For those of you who do not know what this means, it will allow the insurance company to be told if you lapse on the policy. The last thing that the lender wants is to find that not only have you burnt down your place - you've come home bladdered and set the place on fire because you failed to turn the cooker off but that you've actually missed the last three instalments! By having their interest noted in the policy then the missed payments will be brought to their attention.

Any problems with insurance then get in touch and I will see what I can do. I might not be able to do a Harvey Keitel but I'll tell you what to do!