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insurance for masonettes

tinbasher_2
Posts: 6 Forumite


I own a masonette that I let to my grandson with a tenants agreement the masonette is in a group of four three are let by the owners (including myself) and one is owner occupied talking to the two other landlords they have tell me they have landlord insurance with building rebuild insurance at around £600,000.00 the owner occupier has flat insurance with rebuild cover of £1,000,000.00 my insurance at moment as a rebuild sum of £177,000.00 the CBIS firgues are £143 to £222 thousand one landlord is with Zuric and the other with direct line my agent is offering a landlords let policy with building sum insured £171,000.000 should I go with direct line
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thats BCIS0
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How long have you owned, and when you bought did you get a re-build valuation with your survey (if you had a survet...)?Have the other owners said why they've insured for so much more than the BCIS estimate you've had? Did they get a surveyor's re-build valuation? I'd guess either* they are over-insured* you are under-insured or* they have purchased policies that are not basedn on re-build valuations but on a 'anything up to' type policy (thought these tend to be either £500K or £1m)You definately need a landlord policy though, not a standard residential one.Better to be over-insured than under, and where there's doubt about the amount needed I'd find a plicy that 'covered anything up to £500K" That way they can't refuse to pay out, or pay out reduced amounts, in the event of a large claim.0
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brought in 2017 rebuid £96 thousnd rebuid for all four masonettes how can you rebuild 1 quarter0
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the clause I dont like is "in the event of loss or damage arising from the insured causes to commom parts of the building which the insured flat forms part of our libilty is limited to the percentage the said flat bears to the total number of flats forming the building our maximim liabitly is the sum insured"0
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I assume 96 was for 1 flat not four0
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tinbasher_2 said:brought in 2017 rebuid £96 thousnd rebuid for all four masonettes how can you rebuild 1 quarterI'm confused. Are you planning to insure just your flat, (with the other 3 being insured by their respectove owners not ideal but a not uncommon arrangement) or are you looking for a block policy?What do the other owners do and/or want? What do your leases say regarding insurance?I don't know where you are, but £96K seems pretty cheap for a block of 4 flats/maisonettes.0
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lease states we must insure our own masonette the 96 grand was for mine in 2017 when we brought it BCIS now 143 to 222 thousand got to be one flat not four no head lesor
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tinbasher_2 said:lease states we must insure our own masonette the 96 grand was for minekind of contradictsrebuid £96 thousnd rebuid for all four masonettesBut if BCIS says 143 - 222K then Direct Line cover limited to 171K is insufficient.You also need to look at the policies to check they cover the same things/don't have exclusions or conditions that make one policy better than another. Price of the premium is just one factor in your decision.
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