Freeholder Buildings Insurance Advice Needed Please

djdave0

Help with a question please, if anybody can help. My flat is part of a converted house, one ground floor flat (owned by somebody else) and one first floor flat (owned by me). I own the freehold for both flats but only own one of the flats. Is it my responsibility to take out buildings insurance on both flats or just the one I live in?
Any help greatly appreciated! Thank you.

dacouch

Normally under English law the freeholder takes out a building policy in their name and notes the names of the leaseholders (And their and your mortgage companies if appropriate).

The other flat owner would then normally pay a proportion of the building insurance dependant on the terms of the lease of the size of their flat.

Your best bet would be to speak to a local broker or a broker who specialises in property insurance. The cover is relatively cheap, its approximately £147 for £100000 of building cover assuming your not in a major city centre, flood risk, large flat roof etc.

Its best to have one policy covering the whole property rather than two seperate policies. If you need an explanation as to why for the tenant post back up here and we will explain why