Home PPR rented out for short term

doddery

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We have moved out of our PPR for a short space of time for personal reasons - house rented for 6 months. We reinsured the property in September (as a rented property) and availed of a much lower insurance premium.

The forms arrived from the insurer and they included a letter of indemnity for my mortgage provider PTSB - i have yet to send this on as i am concerned the PTSB will realise the PPR is rented out and ultimately take me off my low tracker rate.

I was thinking of calling the insurance company up and having it changed back to my PPR and paying the increased premium (even though i won't be back for another 3 months)

Grateful for any feedback on this
 
Something doesn't seem to be correct with your cover. Generally a landlord policy will be more expensive than a policy taken out on your PPR, due to the increased liability cover etc.
I wouldn't be concerned about PTSB changing your tracker. If you are changing policies/insurer's all you need to send the bank is a letter of indemnity which doesn't go into the detail of your policy, but I would double check your policy as something doesn't seem correct.
 
My insurance didn't change much when I changed from ppr to renting it out.

Something to add that might save you money (I'm no account). I called tax office when I moved out to confirm what I could claim capital allowances on as I was advised that things like floor coverings couldn't be claimed. My argument was that I will only be out of the house for x number of years so these won't be replaced and therefore claimed as an expense when replaced but they will still receive wear and tear. They sent me a letter saying in my situation I could allow for some extra things against capital allowances such as carpets and wooden floors...
 
If you are changing policies/insurer's all you need to send the bank is a letter of indemnity which doesn't go into the detail of your policy, .

That's should do it, and the OP should also look at his mortgage contract, it may not specify that he is only entitled to a tracker if it's his PPR.

Very odd that the insurance was less for landlords than owners, doesn't sound right.
 
Thanks everyone

I will check the mortgage contracts later this evening - i can confirm the letter of indemnity does not make reference to the fact that the house is rented (PTSB would need to follow up with insurance compnay for those details)
Whe the renewal notice came through the door , the amount was €150 higher that the price that we ended up paying - i will review the doc's this evening - as based on the feedback to date something must have changed on the policy (outside of the rental point) to merit such a decrease.
 
What exactly is a letter of indemnity from an insurer to a mortgage provider? Recently, I got a quote just for contents insurance and they were going to send out such a letter. I didn't get it as I didn't switch insurers.
 
checked the docs last night - the wife looked after the insurance and reduced the value on the policy , hence the lower quote. Mortgage docs do not link the tracker to the PPR , although the heading on the contract is "Home Loan" , while the heading on my investment property contract that also has a tracker is "Investment Loan"
 
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