Building insurance for freehold flats

Purple67

Hello,
can anyone recommend an insurance provider that offers buildings insurance for purpose-built flats? I live in an ex-council maisonette in a building consisting of two properties (two-up, two down) with separate entrances to each property. Together with the owner of the other maisonette, we bought the freehold.

I understand that myself and neighbour would have to take up policies with the same provider, but I am difficultly finding providers that would insure. Any recommendations?

Tom99

[FONT=Verdana, sans-serif]Are you in England? If so there is probably a lease for each flat and you bought the freehold as joint owner with the other flat owner.[/FONT]
[FONT=Verdana, sans-serif]If that's the case then it would be normal for the freeholder, ie the pair of you, to have one policy covering the whole building and you split the premium in two.[/FONT]

Purple67

Sorry for the late acknowledgment Tom99.
Yes we are in England. I did not know that we can have this arrangement. The response we have had so far from providers is that we cannot insure separate purpose built flats under one freehold agreement. I will certainly ask them about your suggestion. Do you know any insurers who already insure under this arrangement? Thank you.

Tom99

Try Google or a broker they should know.

https://www.google.co.uk/search?dcr=0&q=buildings+insurance+for+small+blocks+of+flats&sa=X&ved=0ahUKEwiQgeSN9uzYAhVFI1AKHbwzCCoQ1QIIjQEoAg&biw=1280&bih=598

huckster

Purple67 wrote: »

Hello,
can anyone recommend an insurance provider that offers buildings insurance for purpose-built flats? I live in an ex-council maisonette in a building consisting of two properties (two-up, two down) with separate entrances to each property. Together with the owner of the other maisonette, we bought the freehold.

I understand that myself and neighbour would have to take up policies with the same provider, but I am difficultly finding providers that would insure. Any recommendations?

If totally separate freehold flats, then both of these can be insured separately. Don't need to be with the same Insurers.

The reason why it can be sensible to have one policy covering both, is that you can then make sure the whole building is insured. If say for example only one of the two flats were insured and the other caught fire, could you imagine the legal nightmare of trying to get your insured flat built. The Insurers might pay towards buying a flat elsewhere, but not without a real fight.

So yes get your neighbouring property owner to join in Insuring the whole building if you can. Collect all of the information you need. Go to a brokers like Home Protect or Towergate. If the neighbour won't Insure together, then consider taking out a policy for a sum insured much higher than rebuild value of your flat, to cover the nightmare situation described above. Make sure Insurers agree that you are over insuring to cover the risk issues of the other flat not being Insured and you needing to buy a similar flat elsewhere if needed.