Building Insurance?
if you live in a flat should you be paying for building insurance as well as paying money for building maintenance, or should the worst happen, would this be covered by the managing agent who owns the actual building?
if you live in a flat should you be paying for building insurance as well as paying money for building maintenance, or should the worst happen, would this be covered by the managing agent who owns the actual building?
You said you have a mortgage on the flat, so you are the owner. But are you the lease holder or freeholder of the flat ?
If you buy the flat with a lease of a certain number of years , say 125, or whatever, as long as you don’t own the flat permanently, you are not supposed to pay for the building insurance, you only need to pay for the content insurance, which is also not compulsory by law, it’s just up to everyone’s need, say, if you have a lot of valuable at home , then you better buy the content insurance.
But if you bought the flat in a freehold state, then you have to pay for the building insurance.
Briefly speaking, building insurance is the responsibility of the freehold owner.
Hi There,
Yes it’s covered by the managing agent who own the actual building. it happened to me once i was living at the ground floor the flat above me was leaking and all the furniture’s I’ve got in the flat were damaged. I made a claim agent the Housing Association they rejected my claim they said we are only responsible for the building not the furniture’s. they also advised me to be insured next time.
good luck