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insurance for masonettes

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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  • tinbasher_2
    tinbasher_2 Posts: 6
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    thats BCIS 
  • propertyrental
    propertyrental Posts: 2,217
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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.
  • tinbasher_2
    tinbasher_2 Posts: 6
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    brought in 2017 rebuid £96 thousnd rebuid for all four masonettes how can you rebuild 1 quarter
  • tinbasher_2
    tinbasher_2 Posts: 6
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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"
  • tinbasher_2
    tinbasher_2 Posts: 6
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    I assume 96 was for 1 flat not four
  • propertyrental
    propertyrental Posts: 2,217
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    edited 26 January at 8:20PM
    brought in 2017 rebuid £96 thousnd rebuid for all four masonettes how can you rebuild 1 quarter

    I'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.
  • tinbasher_2
    tinbasher_2 Posts: 6
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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 

  • propertyrental
    propertyrental Posts: 2,217
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    lease states we must insure our own masonette the 96 grand was for mine

    kind of contradicts

    rebuid £96 thousnd rebuid for all four masonettes
    But 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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