Freehold and buildings insurance

Liz_Counsell

Wonder if anyone can provide advice on this. According to the latest newletter, freeholders don't need buildings insurance. However, I phoned the people I pay my groundrent to and they say the freehold owner doesn't insure for the building. If I don't insure am I going to find myself in expensive trouble if anything goes wrong.

benjaminM

Hi,

In normal circumstances the freeholder will insure the building, however this is not always the case.

The ground landlord or freeholder can either insure the building themselves or make the lessee insure the building.

If you have no buildings insurance I think you would be advised to get yourself a quotation. Once you are happy with your quote contact the freeholder and confirm that the cover you are taking out is acceptable. If you are the owner of the property it is essential you have cover in place.

Liz_Counsell

Thanks Benjamin. I do have buildings insurance - so I'll keep it as is.

Liz

benjaminM wrote: »

Hi,

In normal circumstances the freeholder will insure the building, however this is not always the case.

The ground landlord or freeholder can either insure the building themselves or make the lessee insure the building.

If you have no buildings insurance I think you would be advised to get yourself a quotation. Once you are happy with your quote contact the freeholder and confirm that the cover you are taking out is acceptable. If you are the owner of the property it is essential you have cover in place.