Freeholder with no insurance

eddddy

ThisIsWeird said:

This Contingent Buildings Insurance indemnity is designed to do what? Provide additional cover in case one of the other flats isn't covered?

Yes - in simple terms that's correct.

You buy the one-off policy when you buy the flat - and it would typically last for as long as you own the flat.


But one of the conditions is that all the flats must have proper buildings insurance in place on the day the policy starts. 

DullGreyGuy

Tangerine88 said:

Which is why I find it odd insisting on the neighbours ' policy as surely the purpose of an indemnity is to compensate for any lack of provision thereof....

Also, we are actually a block of four all with the same freeholder (it's semi-detached) but the buyer's side is only concerned about the flat upstairs from mine. Maybe it's particular to maisonettes. 

It's similar to if you are messing about and injure yourself, you can't then suddenly pick up the phone, buy a BUPA private medical insurance and expect them to look at the injury. Insurers want to know that on the day of purchase everything is in good order... they wouldn't want to take on the risk if they already know none of the other units have bothered buying insurance.