Buildings insurance for leasehold premises

perrybond

I own a shop within a larger 3 story building. I have the shop on a 1000year leasehold, with a peppercorn rent.

As I understand it, usually the Freeholder insures the whole building and charges the tennents a percentage. My freeholder doesn't. He says he insures his bit (the cellar below, flat and roof above, flats to one side) but I need to insure my bit (We are talking buildings insurance here. not contents, or public liability.)

Now my question is this, do I need to insure my shop with the rebuild costs to rebuild the whole building? if so, does he? and if we both do, that means we are insuring the building twice over. At the moment my policy has a rebuild cost of £180,000, the whole building will be around the 1 million mark.

[Deleted User]

I think you need to be asking this question elsewhere. In the first instance, I'd re-post your query on the general insurance board;
http://forums.moneysavingexpert.com/forumdisplay.php?f=21

If no joy there, have you considered asking for professional advice?

perrybond

Thanks, have re-posted in the correct board.
Sorry please ignore/delete this thread