Buildings Insurance with Tyneside Agreement

amnesiaiom

Hi,

I bought a flat back in March which is under a tyneside / criss-cross agreement (a terraced house converted into 2 flats). Essentially I own the freehold for one flat and the leasehold of the other flat and the other flat owner has the same but vice versa. So between us we own the freehold of the whole building.

We took over the existing buildings insurance policy from the previous owner and it is now due for renewal.

I have been calling companies for quotes but they have all giving me various stories of what and how we can get cover. Lots of companies have just said they will not do it. Others have said that they will cover it but as seperate policies, which I can't see working as if the whole building burnt down how could i claim to have the top half rebuilt under one policy then the bottom half on another?!

Does anyone currently hold buildings insurance with a building on a criss-cross / tyneside agreement? Does anyone know any insurance companies who would cover this? I feel Swinton has got us over a barrell as the renewal is twice the price it would be if the building was not split into two flats and I don't see how this affects the buildings insurance, it's the same building!

Quentin

See what a local broker (not Swinton!) can come up with.


(If you are in Tyneside then it should be an issue local brokers have dealt with - or if you don't live in the north east it might be worth phoning brokers in that area to see if they have experience)

InsideInsurance

Never heard of that sort of set up before.

Generally with flats south of the border the freeholder(s) will buy block insurance that covers all the building and then the leaseholders just buy contents insurance for their own spaces.

If you are in Tyneside then speak to a local broker that isnt Swintons and see what they recommend, given this set up is much more common up there there may be special products created for the area

amnesiaiom

Yeah, the building is in Bristol so it's not as usual here, no one seems to have a clue! I'll look up some brokers in the North East and see if they can help.

Update: Just called a local brokers and they just told me to stick with the quote Swintons have given me, they weren't even prepared to run the quote through themselves.

InsideInsurance

amnesiaiom wrote: »

Update: Just called a local brokers and they just told me to stick with the quote Swintons have given me, they weren't even prepared to run the quote through themselves.

To be honest, try another. Margins in small scale insurance arent big and so unless its their area of interest they may not be wanting to put a lot of leg work in for a 10% commission. Block insurance normally falls under commercial insurance and so not sure if your best off speaking to a broker with more of a commercial or personal lines angle

amnesiaiom

Spoken to a few insurers, I can't have a block policy unless we set up a management company.