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Who is responsible for insuring a property?

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  • 11-04-2024 5:34pm
    #1
    Elliejo
    Registered Users Posts: 153 ✭✭


    I own a piece of land that is attached to my recently deceased mother's house. She used this land during her lifetime as a garden. A relative is moving into the house for a period of time and wants to continue using the said land. Obviously it will need insurance now. If he rents the piece of land for a nominal fee, will he be able to insure it or do I have to take out insurance on it myself? While my mother was alive I didn't have insurance on it.



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    #2
    Eggs For Dinner
    Registered Users Posts: 2,940 ✭✭✭Eggs For Dinner


    You need to insure it, not only to protect your asset, but also to cover your liability to your tenant



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    #3
    Mrs OBumble
    Registered Users Posts: 25,688 ✭✭✭✭Mrs OBumble


    The person who owns property can insure it.

    But they need to be very clear what risks it is being insured against.

    Who is managing your mother's estate?



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    #4
    Elliejo
    Registered Users Posts: 153 ✭✭Elliejo


    https://www.boards.ie/discussion/comment/122006902#Comment_122006902

    A sibling is managing the estate. But this is not something that was left to me, I already own this piece of land. The relative that is moving into the house has young children so potentially will have other children in to play in this garden. I just want to know if he can insure if renting it from me or do I have to as owner. Presumably public liability.



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    #5
    Hibernicis
    Registered Users Posts: 1,431 ✭✭✭Hibernicis


    Assuming that there is no property insurance, and that it is liability cover only.

    The lease agreement should specify that leaseholder is responsible for arranging public liability insurance, and that you as property owner are indemnified against any claims.

    The situation is altogether mor complicated if there are buildings of any description involved.

    Obviously separate cover required in respect of the house.



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    #6
    Peregrinus
    Registered Users Posts: 26,056 ✭✭✭✭Peregrinus


    https://www.boards.ie/discussion/comment/122008196#Comment_122008196

    I wouldn't do this. If there's an incident on the land that gives rise to a claim against the OP and if it turns out that the leaseholder has failed to effect insurance, the OP is on the hook and an indemnity from the leaseholder — i.e. a right to pursue the leaseholder for the amount involved — may not in practice be worth very much.

    The OP should effect the insurance and pay the premiums; that's the only way he can know for sure that insurance has been effected, and is being maintained. He can, if he wishes, make it a term of the lease that the leaseholder will reimburse him for the cost of the premiums.



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