Buildings insurance - share of freehold

Jonnyanderson28

I need to arrange a joint buildings insurance policy for the building – I own the leasehold of a ground floor flat, the upstairs neighbours own the leasehold of their flat, and the freehold is held by both of us together. I can't find a calculator that will give me an estimated rebuild cost for the building: they only seem to give costs for individual flats, or for houses, not for a building comprising two flats. Can anyone advise how I would go about arriving at an appropriate figure, short of appointing a surveyor?

eddddy

You'll almost certainly need to contact a broker to arrange buildings insurance for a building divided into flats. (You can't generally arrange this type of insurance online.)

So you can ask the broker how to deal with the rebuild cost. Or ask a few brokers for ideas while you're phoning round to choose one.

And brokers are regulated - so if the broker you choose gives you duff information about rebuild cost estimation, they are potentially liable.

(But if somebody here gives you duff information, they won't be liable.)

arciere

I was in you exact same situation but in my case I already had survey documents with the estimated rebuild cost (which the insurance company, I believe by default, increased by 10%).

Give yourself plenty of time, it won't be an easy policy to find online, you need lots of emails and calls (and all sorts of questions).

anselld

https://calculator.bcis.co.uk/

You can still input the parameters for the overall building, eg footpring area, number of sories, construction type, etc. 

Then add some allowance ( 50k-100k? ) for the fact it is partitioned into flats.

Bear in mind in this instance it is better to over-estimate than to risk being under-insured.

It is not an exact science.