Buildings Insurance for flat

blakey65

I have a "one up one down" flat...old house converted into two flats..i own the leasehold of mine and the freehold of down stairs and vice versa for the other flat owner. The problem is finding insurance that will cover the whole building ...most companies i have approached so far will only insure each flat individually which totally negates the property set up of both parties having responsibility for the whole building. Can anyone help as im thinking of renting my property soon and need to get this sorted and also the insurance i have been quoted is extortionate.
:eek:

cogito

Can't you insure in joint names?

blakey65

tried that but was told as freehold in different names they wont:mad:

Doozergirl

I'd speak to a local broker about it - they'll find you something appropriate a lot quicker than you will

sarah_elton

Agree with doozergirl - ring some local brokers. I assume you'll need a specialist Freeholder policy, designed for buildings containing flats. I don't think you're likely to get this by calling up your average household insurer.

msfp

I live in a house with three flats. All three flats were leaseholds until we bought the freehold, and now we are directors of the freehold company that bought the freehold and leaseholders. We have been able to obtain insurance through Deacon Insurance, based in Bournemouth. There isn't a problem taking out the insurance - but it is on the basis that one of us takes the insurance policy out each year, and not all of us.

A few years ago I took on negotiating with the insurance company and getting quotes. The quotes are reasonable, and we have been with the same insurance company for many years. In the past, we would receive the quote and between us we would pay the insurance bill jointly. The problem I have at the moment is that for the last two years I have obtained the quotes but cannot get the other two to pay towards the insurance policy. There is no reason given for why they will not pay up, they say they will and then they don't. The result being, that for the last two years we have had no buildings insurance as I can't afford to pay the full bill - and nor should I! This is causing me lost sleep and a huge amount of stress. Can anyone advise me on this tricky situation? :eek:

dacouch

This is simple to sort out, speak to a broker preferably one that specialises in property insurace. They will arrange a "Residental Property Owners Policy" or a "Flats" Policy which are designed for this instance. They will issue it with your name and the other leaseholders name (Unless you have a residents association). The policy will cover both for buildings and should include loss of rental income (For your loss of rent if the place in the event of a claim eg a fire and your tennat moves out) and Cost of Alternative Accomadation (For the other leaseholder to rent an alternative property in the event of a large claim eg a fire).

Give a broker a call and if they specialise in property insurance they will be able to explain it all to you (Don't use a broker such as swinton)

Assuming both flats are the same size you simply split the premium between you.

I assume you both have seperate building insurance at the moment, this is not recommended as if you have a claim you have two insurers arguing over who is responsible for what and it causes long delays and sometimes you could not be paid for parts of your claim.

It is pointless speaking to direct insurers as their building policies are designed for individual homes.

I hope this helps