Buildings Insurance Help

redcarrie

I live in Scotland in an tenement flat and am required to have a Factor (or we manage ourselves). It means, either way, we all have to have buildings insurance policy, with the Factor or combined ourselves. However, our current policy is not 'comprehensive' so I took out my own policy, which I was told was 'ok as long as I didn't claim on both policies'. Although I am not 100% on this (suppose it depends on the claim), my main query is around having to have 2 policies, which is likely more expensive than one policy. How can I ensure I am covered by both policies and something vital is not lost amongst both policies, whilst getting the best price I can. I think what I need is expertise on what to look for in T&Cs on what is and isn't covered on Factor policy & the personal policy, so I can reduce if possible what I am paying on my own policy by not paying for what I do not need/what is clearly covered elsewhere. I should add I am about to refurb internally, kitchen and bathroom...!  

MovingForwards

What to the factor do for the money you all pay them each year? As they should have the building insurance within that fee then you need your contacts / accidental damage / water escape etc.

The factors insurance should cover all the building, communal areas, but won't cover general maintenance.

What makes you say it isn't comprehensive if you are not sure what to look for in the policy?

davidmcn

Given how cheap buildings policies usually are, I doubt there's much point trying to look for bespoke exclusions to correspond with whatever the block policy covers. Just ignore the communal policy and get whatever's cheapest for your own flat.

davidmcn

MovingForwards said:

What to the factor do for the money you all pay them each year? As they should have the building insurance within that fee then you need your contacts / accidental damage / water escape etc.

No, the insurance will be charged for on top of whatever the factors' management fee is.

I had this sort of situation with my first flat - the factors maintained a fairly pointless fire-only policy, possibly it's been deemed more hassle than it's worth to get everybody to agree to a more comprehensive policy if the titles don't oblige them to (though the OP could try talking to fellow owners to sort out something better via the factors).

MovingForwards

That's a bit naff then isn't it! 

I'm paying under £240 with DL for my building and contents, it's upto £1m cover for my part of any costs and I think £50k contents, saved faffing around with working out how much I needed for my portion. They do optional extras like accidental damage, escape of water etc.