Freehold Building Insurance

Lucy_McKay

I have recently bought a 50% share in the freehold of my flat, with the owner of the flat downstairs. The building contains just the 2 flats. I would like to get a quote for building insurance to cover the whole building, what is the best way to obtain a quote? There are obviously questions that I can't answer about the downstairs flat..... so what is the best way to approach this?

Thanks
Lucy

dacouch

Approach a broker who specialise in property Insurance, ideally local to you.

Avoid Swintons.

They will arrange a policy in your name with either the other flat owner a joint policyholder or as an interested party. They may also note the interest of each of your mortgage companies.

A good broker should be able to guide you through it.

You may find it helpful to take the "Schedule" from your current Insurance.

phazel

In a recent episode of the excellent Martin Lewis Money Show, ML said "contents cover is required by all but you only need building insurance if you own the freehold of a property outright", Have I misunderstood or am I wasting my house insurance building cover premium?