Maisonette joint insurance

ellymoo

My neighbour and I have joint buildings insurance for our maisonettes. It's always been done through a broker but it's gone up quite a lot this year and I want to shop around. However, I don't quite know how to. My neighbour said it's been done via a broker since he moved in 20 years ago but he doesn't know why. I had a look at the lease but it just says you have to insure it. I don't think I can get a quotation on a comparison website. 

Is there a simple way of getting a quotation to see if our price is competitive or should it all be done through a broker?

Thank you.

mebu60

Contact a different broker, see what they come back with? 

DullGreyGuy

ellymoo said:

My neighbour and I have joint buildings insurance for our maisonettes. It's always been done through a broker but it's gone up quite a lot this year and I want to shop around. However, I don't quite know how to. My neighbour said it's been done via a broker since he moved in 20 years ago but he doesn't know why. I had a look at the lease but it just says you have to insure it. I don't think I can get a quotation on a comparison website. 

Is there a simple way of getting a quotation to see if our price is competitive or should it all be done through a broker?

So this is you and your upstairs/downstairs neighbour? 
You have double checked that you are responsible for the buildings insurance because normally in flats/maisonettes etc its the freeholder that needs to arrange it

Typically if you are insuring more than one unit you cannot buy Home insurance but need to buy a form of Commercial Property, namely "Block insurance" (short for block of flats insurance). As this is normally sold to commercial entities insuring block of 50+ units or even multiple blocks of such its not a product thats sold directly by most insurers and so going via an intermediary such as a broker is the norm. Given the target market its pricing isnt typically as keen as home insurance either. 

Does the lease require you to jointly buy a policy for the whole building or does it allow for you to each buy independent home insurance? Its likely to be notably cheaper to buy policies individually but it does introduce risks if your neighbour forgets to renew, makes a false declaration etc as your insurers won't cover damage to their property and may not be able to settle your claim until their property is fixed.