House (building) insurance... Help!

Harrisimo

First post on here, so please go easy on me!

My house (building) insurance is due for renewal. I have lived in the property for just over two years now and I simply inherited the existing insurance policy from the previous owners.

However, I am now looking to find a cheaper policy if possible. But I really don't know what I'm looking for as my situation appears to be quite complex.

The property consists of two flats - ground floor and first floor. We currently share the cost of the insurance with the owner of the ground floor flat. The added complication is that he is a landlord: the ground floor flat is rented by his tenant. I occupy the first floor flat.

The freehold is shared between me and the owner of the ground floor flat.

So, can anyone help to explain what type of policy I need please? My existing policy states that the insurance class is "Commercial Property Owner" - why would that be? Will it be cheaper to continue to share the cost of the policy with the owner of the ground floor flat?

Finally, in terms of the value of the property, is this the re-sale value or the hypothetical cost of re-building the property? And how would I work this out?

Any advice would be gratefully received. Many thanks!

InsideInsurance

Because the bottom property is let out then it would be a commercial/ landlord policy

The value for the property is the rebuild cost. If its only two years since purchase then the survey's rebuild valuation is probably still valid plus a small amount for inflation