Buildings insurance confusion?

A reader from London is unsure what buildings insurance policy to choose.

Ian Durrell, myfinances.co.uk insurance expert from the Only Group, which includes onlyinsurance.com, tackles the issue.

Louise from London asks:

I have recently bought the ground floor flat of a two-floor building. As I have bought it freehold I need to sort out my own buildings insurance, and the owner of the other flat has suggested we take out insurance for the whole building and share it between us.

As he is planning on letting out his flat he is suggesting we get landlord's insurance; if I own and live in my flat will I still be sufficiently covered by this?

Ian replies:

The cost of a buildings policy is usually split between the freeholders.

If you are letting out the flat then you ought to get landlord’s insurance in place but if you are to be living there then a contents insurance will be required.

Try using a web insurance comparison site to source a competitive product.


If you have a question for Ian, go to the myfinances.co.uk Ask the Insurance Expert section.

Only Group is authorised and regulated by the Financial Services Authority.