Block of flats building insurance

arciere

I am in the process of buying a flat in a 2-flat building and I have been asked to arrange for the insurance for the whole building. I couldn't get this with my mortgage broker because he said this is a 'special' insurance.
I had a look on Google but I had absurd quotes from some companies (£1500, I would have paid £400 for my flat alone).
Can you suggest any insurance company that is happy to insure a block of flats?
My mortgage will be with Nationwide, I am not sure if I can ask them as the broker said 'no'.

eddddy

arciere wrote: »

I am in the process of buying a flat in a 2-flat building and I have been asked to arrange for the insurance for the whole building. I couldn't get this with my mortgage broker because he said this is a 'special' insurance.
I had a look on Google but I had absurd quotes from some companies (£1500, I would have paid £400 for my flat alone).

Building insurance for blocks of flats does tend to be expensive.

But why have you been asked to arrange for the insurance for the whole building? Are you buying in England/Wales - as opposed to Scotland?

Assuming you're in England/Wales - are you buying the leasehold of a flat, plus the freehold of the whole building?

Being a freeholder comes with responsibilities in addition to insuring the building. Have you read the leases to understand what you're becoming responsible for?

arciere

I'm in England, basically I'm buying one flat in a 2-flat building and another buyer is taking the other flat (we are buying simultaneously).
We will be sharing the freehold (each flat has also a 999 year-lease, mainly for mortgage purposes), but I have been asked to arrange for the insurance for the whole building (flats 1 and 2), and then share the cost with the other owner, which I am happy to do, but it seems like very few companies do 'block of flats' buildings insurance.

eddddy

It's probably best to contact a few insurance brokers. As you say, it's a slightly specialist area, so there will be a limited number of insurers who offer this.