Buildings insurance - leaseholder

Maylonaise

Hi,

Can you help? I own my own flat but it is a leasehold. The company that owns the freehold always insists that I need to get buildings insurance with the same company that they do so "as it's easier if we need a claim". However, the management company that they use only have a certain number of insurers that they use. I have just received the bill for my half of the buildings insurance and it's REALLY high, in my opinion. I was hoping someone may know if I have to go with their insurers, and whether I'll be paying a premium as the other flat in the building is rented out rather than owned like my own?

MANY thanks

Maylo.

dogbot

The building needs to be insured as a whole by the freeholder (which in this case their management company arranges). The policy is written by commercial property underwriters not retail underwriters.

What do you mean when you say the management company only use a certain number of insurers?

It is common for management companies to not want to bother with getting something re-broked because it means any level of effort from them.

Try a few local brokers in your area and ask them to quote for the block - I am assuming it is a converted victorian house or something as there is only one other flat? Talk to the other leaseholder and find out if they will support you in taking the quote to the management company and asking them to get your policy re-broked or go with yours.

Maylonaise

Many thanks. It's a Maisonette so yes just the two flats. I'll have a dig around then.

Maylo.