Building Insurance needed for building part rented part owned

Manymoons

HI, I am hoping someone can help. I have been arranging building insurance for a property which has been converted into 3 flats. One of which is owned and rented out by myself and the other two are owned. I also own the freehold with one of the other owners. This year I have attempted to enter all the details onto the comparison websites recommended by Martin but they assume you own and live there. Is there no longer a policy that covers both scenarios as it looks like I may have to get out buildings insurance as a landlord and then the other two flats may have to get out another policy for their flats even though it is the same building. I am thoroughly confused as this has not been the case previously!

Thanks
Jen

eddddy

Google 'block of flats insurance' and you'll probably find details of the type of policy you need.

You won't be able to get that kind of insurance on comparison websites - you'll need to go to a broker or direct to the insurer.

From your description, I assume you and a neighbour jointly own the freehold, and there are 3 leasehold flats (2 owner occupied and 1 tenanted).

And I guess that the leases say that the freeholder is responsible for buildings insurance, and that you can charge 1/3 of the cost to each leaseholder.

Manymoons

You are absolutely spot on. Previous years I have been able to use comparison websites but they’ve changed the framework to make it specifically for owner occupiers. Thanks for your help. I will try Googling what you recommended. 

eddddy

Manymoons said:

You are absolutely spot on. Previous years I have been able to use comparison websites but they’ve changed the framework to make it specifically for owner occupiers. Thanks for your help. I will try Googling what you recommended. 

I suspect that you might have been taking out the wrong type of buildings insurance in previous years - did you ever make a buildings insurance claim?

You'll probably find that getting the correct 'Block of Flats' insurance is much more expensive than the incorrect policies you may have bought in the past.  (So I guess you might have a difficult conversation with the other leaseholders, if they ask why the premiums are much higher!)

Sandtree

Block insurance is the typical cover bought by the freeholder for their liability to the leaseholders covering multiple units. 

Some landlord insurance will claim to be appropriate however having kicked the tyres on a couple they have requirements (eg annual gas safety inspections) that wouldnt normally fall to a freeholder and may be impossible to meet given freeholders dont have the same right of entry etc as a landlord would have over a short term tenant.