Best place to get Shared Freehold Buildings Insurance - Any price comparison sites?

muggz

Hi all,

I live in a shared freehold property and it's time for a renewal of our insurance policy.

Last year myself and the owner of the flat downstairs both moved in at the same time and hastily purchased insurance without checking the market, it seemed very expensive considering my last flat was just down the road and cost 80% less (leasehold between 6 flats).

So this year I thought I'd get my MSE on and try and find a good deal. The trouble is many price comparison sites don't really have a option for share of freehold.

I don't know if I'm allowed to just add up the bedrooms in the house and buy a building insurance policy as if it was one place using the popular comparison sites? I know that many insurers see shared freehold as a added risk but as it's a big market i'm guessing we could shop around at least. Our renewal quote was only £4 cheaper than last year!

Does anyone recommend a site to use?

Any help would be MASSIVELY appreciated.

Cheers!

G_M

I would start by phoning 2 or 3 of the big names direct and see what prices you get. At same time, ask if you can buy on-line. Often they'll say yes, it's cheaper on line, but in this scenario they might say no you can't get shared freehold cover online.

Or see if an insurance specialist comes along here!

Or Residentsline

or UKInsurancenet

or ....

muggz

Thanks for the links!

Actually UKInsurancenet is who we have our policy with! Our policy is called Landlords insurance...which I find a bit strange but that's what they've advised.

The two large comparison sites won't touch Share of Freehold apparently, I don't really understand why.

Has anyone out there got their share of freehold insurance from a comparison site?

G_M

Landlords insurance is bound to cost more as it it will include cover you don't need ie malicious damage by tenants. Why they advise this I can't imagine.

muggz

I was thinking that too.

We could have been mislead in our rush, I heard that if you owned share of freehold it meant you had to get a specific type of buildings insurance? I hope that's not true

Fire_Fox

You either need to spend a day on the phones or go to an experienced insurance broker - probably one that deals with commercial as well as residential property.

G_M

I heard that if you owned share of freehold it meant you had to get a specific type of buildings insurance?

There's nothing really different about the risk or cover, it's just that it's not the 100% straightforward set-up that makes for easy on-line quotes/sales.

So as I said at the start, and Firefox has re-iterated, try phoning a few. Use the saynoto0870 site to find freephone numbers and set aside some time to get quotes.

dacouch

The type of Policy you need is normally called a "Residential Property Owners Policy" or sometimes called a "Landlord" Policy.

The going rate is normally 0.14% so £100k of cover would normally cost you £140 plus the 5% Insurance Premium Tax so £147. You can find cover for less than this but this is the industry standard rate that most companies work to or in that ball park.

It can make a difference (Lower the price) if the property has concrete floors and concrete stairs.

If you both own the freehold you should have both flat owners names as joint policy holders (The mortgage companies may want their interest noted).

Avoid any policies underwritten by MMA (They will be the cheap quotes) and where possible any by Lloyd's (of London)

As the previous poster has mentioned, try a local broker or one that specialises in property insurance.

Bear in mind these types of policies generally have an excess of £250, you can get lower excesses so check the excess when you get quotes so you know what your buying

Travelsaver

Most "share of freehold" buildings end up getting a common block insurance. This insurance is actually preferable and actually quite cost effective and most importantly if a leak or something comes from another flat and damages your flat, you are dealing with a single insurer.

In my case we have this exact situation and we simply charge the annual insurance policy to our building fund.

For our building we use the following broker who I am sure will be in a position to help you (as they are helping our building):

Estate Insurance Group
38 Borough High Street
London SE1 1XW
Phone: 020 7939 7200
info@estateinsurancegroup.com

The policy provided by the above brokers actually is with AXA.

Please note that I don't work or have any other connections with the above organisations except as a satisfied customer.

muggz

dacouch wrote: »

The type of Policy you need is normally called a "Residential Property Owners Policy" or sometimes called a "Landlord" Policy.

The going rate is normally 0.14% so £100k of cover would normally cost you £140 plus the 5% Insurance Premium Tax so £147. You can find cover for less than this but this is the industry standard rate that most companies work to or in that ball park.

It can make a difference (Lower the price) if the property has concrete floors and concrete stairs.

If you both own the freehold you should have both flat owners names as joint policy holders (The mortgage companies may want their interest noted).

Avoid any policies underwritten by MMA (They will be the cheap quotes) and where possible any by Lloyd's (of London)

As the previous poster has mentioned, try a local broker or one that specialises in property insurance.

Bear in mind these types of policies generally have an excess of £250, you can get lower excesses so check the excess when you get quotes so you know what your buying

Brilliant! Thank you great advice

muggz

Travelsaver wrote: »

Most "share of freehold" buildings end up getting a common block insurance. This insurance is actually preferable and actually quite cost effective and most importantly if a leak or something comes from another flat and damages your flat, you are dealing with a single insurer.

In my case we have this exact situation and we simply charge the annual insurance policy to our building fund.

For our building we use the following broker who I am sure will be in a position to help you (as they are helping our building):

Estate Insurance Group
38 Borough High Street
London SE1 1XW
Phone: 020 7939 7200
info@estateinsurancegroup.com

The policy provided by the above brokers actually is with AXA.

Please note that I don't work or have any other connections with the above organisations except as a satisfied customer.

I'll give them a go on monday cheers!