Posted on: 30-03-17 09:54:56
Hi,
a. While taking home insurance, should we disclose that the basement is not legal ? I guess the answer is YES.
b. If this basement is tenanted , should we disclose that as well or not .
Will the Insurance company refuse to insure the house because the not legal basement is tenanted , but might insure it if we mention that it is not legal but skip the tenant part ?
My lawyer said not to disclose tenants at this stage as they may refuse to insure and that in case of a mishap, mention friends of relatives staying there.
I know that we should not misrepresent while taking insurance .. However not being able to insure the whole property due to mentioning basement tenant is a bigger loss of option.
Please restrict responses to technicalities only.
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Fido.
Please see my reply between lines
Quote:
Originally posted by Fido
Hi,
a. While taking home insurance, should we disclose that the basement is not legal ? I guess the answer is YES.
IF ASKED answer honestly. If not why someone should disclose not required info ?? From past experience home insurance do not ask if its legal or illegal b/m.
b. If this basement is tenanted , should we disclose that as well or not .
Will the Insurance company refuse to insure the house because the not legal basement is tenanted , but might insure it if we mention that it is not legal but skip the tenant part ?
Tenants information should be disclosed to insurance voluntarily. You can also ask tenants to buy there insurance and show you the proof. I will be repeating myself. Do not disclose b/m status voluntarily and do not skip the tenancy part.
My lawyer said not to disclose tenants at this stage as they may refuse to insure and that in case of a mishap, mention friends of relatives staying there.
Time to chnage the lawyer I will suggest. Insurance can and WILL dig all the details in case of any mishaps. Lies will make it only difficult and in some cases claim can be denied.
I know that we should not misrepresent while taking insurance .. However not being able to insure the whole property due to mentioning basement tenant is a bigger loss of option.
If that is the case shop around. There are companies out there who will insure your house with tenants.
Please restrict responses to technicalities only.
Tried my best
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