Protection You Can Trust

Freeholder Building Insurance

Insurance designed for leasehold properties, maisonettes, shared freeholds, blocks of flats and many more.

Below you will find some generic information relating to freeholder insurance, which has been provided by our insurance partner Alan Boswell Group. Serpply Ltd (trading as www.freeholderbuildinginsurance.co.uk) is an Introducer Appointed Representative of Alan Boswell Insurance Limited, who are authorised and regulated by the Financial Conduct Authority. The ‘get quote’ links we transfer you to their website where you will be able to obtain a quote.

Without the right freeholders buildings insurance you are exposed to costly repair bills (not to mention the legal fees).

Importance of Freeholder Building Insurance

Cover the financial cost of repairing damage to the physical structure of your property.

From the foundations to the roof, as well as permanent fixtures and fittings you’ll get the insurance specifically tailored to meet the unique needs of freeholders.

Joint Freeholder Building Insurance

If you co-own a freehold property with others, you might want to consider joint freeholder building insurance. This insurance is beneficial when more than one dwelling is present within a freehold property, and multiple freeholders or mortgage companies are involved. Joint freeholder building insurance can simplify the insurance process and ensure that all parts of the building are equally covered.

Freeholders are responsible for buildings insurance cover....

Often, the terms of the lease require the freeholder to arrange and maintain buildings insurance on the whole building, including the individual flats. This type of insurance is sometimes called ‘block of flats insurance’ or ‘block of flats insurance cover’.

Why is this the case? Primarily, it’s because, as a landlord buildings freeholder, you’re responsible for maintaining and repairing the building’s structure and common areas. Buildings insurance covers the costs of any repairs or reconstruction due to events such as fire, flood, or storm damage. It may also include cover for accidental damage and alternative accommodation costs for leaseholders if the property becomes uninhabitable.

Arranging Buildings Insurance: Key Considerations

When arranging buildings insurance for a block of flats, the insurance provider will calculate the level of cover needed based on a professional valuation of the building. However, rebuilding costs increase over time. Reputable insurance providers will index-link policies to ensure the level of cover remains appropriate.

It’s worth noting that the cost of the buildings insurance policy is often recouped through the service charge paid by leaseholders. In many cases, the annual service charge bill will include a proportion of the insurance costs.

In conclusion, freeholder buildings insurance cover is an important aspect of property management company ownership that offers financial protection against a wide range of risks. If you’re a freeholder, enquire now about arranging comprehensive buildings insurance cover for your property.

Stay tuned for the next section where we delve into the intricacies of different insurance covers and how to best secure your property and fulfil your responsibilities as a freeholder. We’ll cover topics such as joint freeholder insurance, building insurance, buildings and employers liability insurance for freeholders, and much more.

Remember, the right insurance cover for your freehold property isn’t only one excess of a luxury – it only one excess’s a necessity.

Landlord Insurance and Buildings Insurance

Landlord insurance is another critical aspect to consider, especially if you rent out multiple flats within your block. This type of landlord insurance often includes buildings insurance, but it can also cover property owner liability and loss of rent insurance. It’s worth discussing your specific needs with your insurance provider to ensure you have comprehensive protection.

Liability Cover

As a full freeholder for insurance purposes, however, you also need to consider liability cover. This provides protection in case someone is injured on your property and claims against you. Third party liability cover is included in many buildings insurance policies, but you should check this with your provider.

Terrorism Insurance

While it might seem unlikely, it’s important to consider appropriate insurance cover the potential impact of a terrorist event on your property. Terrorism insurance is often an optional extra on a buildings insurance policy but can provide valuable protection for freeholders of blocks of flats in particular.

Leasehold Buildings Insurance

If you own a leasehold property, you may wonder if you’re responsible for buildings insurance. This often depends on the terms of your own leasehold flat itself. Generally, the freeholder arranges the buildings insurance, but the leaseholder pays a portion of the cost through their service charge.

Service Charges

Better than other freeholder insurances

The service charge typically covers the cost of managing and maintaining common areas and the building’s own exterior and common parts. It can also include the cost of buildings insurance. If you’re a leaseholder, you should be aware of what your service charge includes and whether it covers buildings insurance.

Ultimately, getting the right freeholder buildings insurance is a careful balancing act. It’s essential to ensure you have adequate cover for all eventualities but also to ensure the cost is reasonable and can be recouped through the service charge.

To ensure you have appropriate buildings insurance cover, it’s always wise to consult with a professional. They can guide you through the process of arranging buildings insurance and ensure you understand your responsibilities as a freeholder. Remember, the peace of mind that comes with knowing your property is fully protected is priceless.

So, enquire now to get the right buildings insurance cover for your property.

Additional Aspects of Freeholder Building Insurance

Contents Cover

As a freeholder, your buildings insurance policy will cover the structure of your property. However, it’s important to remember that it typically won’t cover the contents of individual flats within the property. Leaseholders will need their own contents cover to protect their personal belongings.

In-House Claims Team

When considering insurance providers, you may wish to opt for one that boasts an in-house claims team. They can help simplify the potentially complex claims process and provide valuable support in the event of a claim.

Insurance for Communal Areas

When arranging freehold buildings insurance, don’t forget to consider coverage for communal areas. This includes spaces such as communal gardens, hallways, staircases, and shared facilities. The freeholders buildings insurance policy should cover these areas, as they form part of the overall building structure.

Leasehold Flats and Insurance

If you own a leasehold flat within a block cover a freehold property, it’s important to understand that the freeholder or their managing agent typically arranges the buildings insurance. This ensures the entire building, including individual leasehold flats, is covered.

Insurance Costs and Service Charges

The cost of the buildings insurance policy is usually included in the leaseholders’ service charges. This allows the freeholder to recoup the insurance costs. However, freeholders should ensure that they clearly communicate this to leaseholders, so they understand what their service charges include.

A standard block insurance policy usually covers the entire building, including the individual flats within it. It’s an efficient way for residents association freeholders to ensure that their entire property has appropriate insurance cover. In conclusion, freeholder building insurance is a complex area with many factors to consider.

Don’t hesitate to seek professional advice to ensure your insurance cover meets your needs. Remember, a well-chosen insurance policy is an investment in the protection and longevity of your property. Enquire now and take the first step towards robust and comprehensive insurance cover for your freehold property.

From choosing the right level of cover to understanding the responsibilities of buildings insurance for freeholders and leaseholders, it’s important to get it right.

World's Answers to Yours

FAQs:

Does a freeholder need to insure the building?

Yes, as a freeholder, it’s your responsibility to insure the building. This covers the cost of repairing or rebuilding the building in the event of damage.

What insurance should a freeholder have?

Freeholders should have buildings insurance, which covers the cost of repairing or rebuilding the building’s structure. This can include the roof, floors, walls, and fixtures like bathrooms and kitchens. Other types of insurance, such as third-party liability cover or terrorism insurance, can also be beneficial.

Do you have to pay buildings insurance on a leasehold property?

If you own a leasehold property, you typically contribute to the cost of buildings insurance through your service charge. However, it’s the freeholder’s responsibility to arrange the insurance.

Who arranges building insurance for leasehold properties?

The freeholder or their managing agent typically arranges building insurance for leasehold properties. The cost of the insurance is often included in the leaseholder’s service charge.