Property insurance for block of flats

TVPIPE

Here is the situation
I own one flat in a block of four in a victorian building (in good condition)

we have established a ltd company which owns the freehold of which we each own 25%.

two of the flats are owner occupied and two are rented out.

We are looking to take out buildings insurance to cover the whole building.....and have been told that we must take out commercial insurance which is over £1700...for the year..

is this correct.....and if not, can anyone recommend an insurance company that would insure such a building
thanks

Doozergirl

We used a local independent insurance broker - cost for the building was £800 for the year - four flats, Victorian conversion

HugoSP

TVPIPE wrote: »

......We are looking to take out buildings insurance to cover the whole building.....and have been told that we must take out commercial insurance which is over £1700...for the year..

is this correct.....and if not, can anyone recommend an insurance company that would insure such a building
thanks

That is not correct!

Contact Alan Boswell Insurance Brokers and ask to speak to their Landlords Department.

http://www.alanboswell.com

Take out the policy in the name of the Ltd company, insure the block together. The fact that some of the flats are owner occupied and some are rented should not be a problem.

We currently manage a similar freehold of 3 flats, one that we own ourselves and the insurance is organised in exactly this way. One owner lives in his flat and the other two are rented out.

We are currently paying £1.20 for every £1000 insured on the buildings. They have recently lost out on being the Guild of Residential Landlords' recommended insurers. The company the Guild now use offers the same rate.

They can arrange contents insurance as well for those that want it, on a flat by flat basis.

CB1979_2

adrian flux, i got a quote for £600k rebuild cost for 8 flats converted victorian place for £600 all inc.

ended up paying a bit more cos apparantly rebuilding cost is now £700k.

courtjester

Interestingly, I am looking at specialist blocks of flats insurance for our building management company (4 holiday apartments) and am getting quotes from:

Lampier of Bristol
Flatsecure Policy
0117 974 3232

Lansdowne Insurance Brokers of Cheltenham
Lansdown Direct Scheme for flats
01242 524498

It's a modern-ish block and we currently insure with Norwich Union (quote £730 pa) for rebuilding value £365,000 (All Risks). Have been quoted (by Lansdowne) £497 with Zurich standard perils, same sum insured. Awaiting other quotes.

Looked at the Boswell offering and notice that they have restrictive conditions if flats are unoccupied between lets for more than 90 days, which is a problem for our property.

TVPIPE

CB1979 wrote: »

adrian flux, i got a quote for £600k rebuild cost for 8 flats converted victorian place for £600 all inc.

ended up paying a bit more cos apparantly rebuilding cost is now £700k.

Thanks ...Adrian Flux came up with the best quotation ....

saved a massive amount....thanks again

CB1979_2

no problem TVPIPE, out of interest what was the quote from Adrian Flux and what was the nearest one to it?

TVPIPE

TVPIPE wrote: »

Thanks ...Adrian Flux came up with the best quotation ....

saved a massive amount....thanks again

A little time has passed since my original post, and adrian flux are not providing great quotes.....can anyone recommend a good broker/insurer for the situation I described at the beginning of this thread

thanks