A question about Landlords Insurance

Rogueasha

Hello,

I live in a house converted into 3 flats, they are all owner occupied and we all own a share in the freehold. When it comes to Buildings Insurance we split the premium 3 ways. Our Buildings insurance is up for renewal and they have told us they can no longer offer legal cover because it would only be applicable to the lead policy holder and their property and would not cover the building as a whole (Even though all the freeholders are named on the policy).

I have rang round a few brokers and have been informed that Landlords insurance would work just as well and it includes legal cover for the whole building, is this correct?

Many thanks,

Rogueasha

ACG

http://www.commercialpropertyinsurance.co.uk/hmo-insurance/

I have nothing to do with this company it was just one of the first on google. I think you might want HMO insurance - houses of multiple occupancy?

dacouch

ACG wrote: »

http://www.commercialpropertyinsurance.co.uk/hmo-insurance/

I have nothing to do with this company it was just one of the first on google. I think you might want HMO insurance - houses of multiple occupancy?

It's not HMO (Unless one of the properties is genuinely a HMO), the OP needs a Residential Property Owner policy or similar eg a policy designed for blocks of flats

Rogueasha

Thanks ACG and dacouch for your speedy replies!


For the past few years we have had buildings insurance with all the flat owners on the policy, we are only now shopping around because they no longer provide legal cover that will cover the building only one of the flats.


When looking into bespoke insurance such as what 1st Sure Flats Insurance provides the policy is almost double what we are currently paying. Would anyone happen to know why Landlords Insurance isn't applicable in this case?

Many thanks,


Rogueasha

InsideInsurance

Are you looking at the the legal expenses add on or are you taking about third party liabilities?

If you are talking about the former then Home Contents tends to cover exactly the same as Home Buildings and what you will have to pay for the additional cover will probably be less than trying to find a covering all parties policy from the buildings policy

rs65

Rogueasha wrote: »

Our Buildings insurance is up for renewal and they have told us they can no longer offer legal cover because it would only be applicable to the lead policy holder and their property and would not cover the building as a whole (Even though all the freeholders are named on the policy).

I would have thought the policy should be in the name of something like 'the co-proprietors of 1 High Street'.

As DACouch says, a residential property owners policy is the way. Landlords isn't as you are owner occupiers not landlords

Rogueasha

Thanks for your reply 'InsideInsurance' we are looking to get legal cover to protect us against 3rd party liabilities. Next door are undergoing a huge extention and we are worried about the effects upon our building, there are already cracks appearing in our walls.

Thanks for your reply 'rs65', we haven't set up a managment company to deal with the Freehold we just club together as and when work is needed and we split the buildings Insurance 3 ways. We've never experienced a problem with having all our names on the policy, until now that is!

It looks like a residential policy is the way forward, does anyone know of any good brokers that could advise on Share of Freehold, Buildings Insurance?

Many thanks,

Rogueasha