Buildings Ins on maisonette - Was it necessary?

Options
lovethymini
lovethymini Posts: 718 Forumite
in Insurance & life assurance
Hi all,

If living in a flat or maisonette - when we take out our mortgages, our lenders always insist that we have buildings insurance, but if we have bought a maisonette, or even a flat within a block - surely the freeholder has buildings insurance already??

:confused:
Lisa

Comments

  • Hartley10
    Hartley10 Posts: 30 Forumite
    Options
    yes and no - it will depend on what is in the lease as to who is responsible for insuring the premises. If the freeholder or management company have arranged the cover under a "block" policy then your mortgage company should accept this.

    You can insure for a single flat in a block but there are not many people that do it. I believe the insurers/law is slightly different in Scotland where flats within blocks are insured seperately all the time
  • *MF*
    *MF* Posts: 3,113 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Hartley10 wrote: »
    <Snip>. I believe the insurers/law is slightly different in Scotland where flats within blocks are insured seperately all the time

    Nope ... it can be yes/no in Scotland as well, some insured separately, some insured under block policies.
    If many little people, in many little places, do many little things,
    they can change the face of the world.
    - African proverb -
  • JennyW_2
    JennyW_2 Posts: 1,888 Forumite
    Options
    We live in a flat (2 flats in a detached house) - not sure if that's classed as a maisonette :confused: anyway, we have our own buildings insurance with Halifax. They insure separately
  • lovethymini
    lovethymini Posts: 718 Forumite
    Options
    That's what has got me thinking;-

    If you live in a property converted into two separate dwellings (ie a maisonette) and upstairs has buildings insurance whilst downstairs doesn't, what happens if there's a fire downstairs which guts the whole building? Upstairs cannot be rebuilt without downstairs being rebuilt, and yet downstairs isn't insured!
  • JennyW_2
    JennyW_2 Posts: 1,888 Forumite
    Options
    lovethymini wrote: »
    That's what has got me thinking;-

    If you live in a property converted into two separate dwellings (ie a maisonette) and upstairs has buildings insurance whilst downstairs doesn't, what happens if there's a fire downstairs which guts the whole building? Upstairs cannot be rebuilt without downstairs being rebuilt, and yet downstairs isn't insured!

    this is true and it would be very bad luck if this happened but surely you would ensure that the whole building was covered if you lived there? Also you have to prove you have buildings insurance to the mortgage company - they request site of the documents

    I thought that contents ins is compulsory and bldgs ins is mandatory :confused:
  • terryw
    terryw Posts: 4,396 Forumite
    First Post Combo Breaker First Anniversary
    Options
    FWIIW, some years ago, I lived in an ex-council maisonette (concrete type) and it was subject to a service charge which included buildings insurance. Over the period there were three separate lenders (long story!) but the three lenders...Co-op, Barclays and AIB were all happy to accept this insurance and did not require me to obtain any further insurance.

    Looks as though it is not usually required.

    the poster formerly known as
    terryw
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • Steve1981
    Steve1981 Posts: 565 Forumite
    Options
    lovethymini wrote: »
    That's what has got me thinking;-

    If you live in a property converted into two separate dwellings (ie a maisonette) and upstairs has buildings insurance whilst downstairs doesn't, what happens if there's a fire downstairs which guts the whole building? Upstairs cannot be rebuilt without downstairs being rebuilt, and yet downstairs isn't insured!

    its for this reason a lot of companies wont touch it
  • lovethymini
    lovethymini Posts: 718 Forumite
    Options
    JennyW wrote: »

    I thought that contents ins is compulsory and bldgs ins is mandatory :confused:

    Contents Ins isn't compulsory, Buildings is though.

    I don't live in a maisonette any more, but when I did, I just automatically took out a policy, it's not until recently that I question if every expenditure is completely necessary and it just got me thinking...

    Oh the money I have wasted! LOL
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards