Absent freeholder buildings insurance
Insurance quotations for the leaseholder of a building with an absentee freeholder
If you are a leaseholder of a property in a block of flats you will generally have to pay for your proportion of the buildings insurance as a contribution to the landlord's block insurance policy under your maintenance agreement. Block insurance is usually arranged by the landlord and charged back to the leaseholders, which most of the time is a system that works well, until such time as you lose touch. If you are faced with this scenario you'll need an absent freeholder insurance policy.
Find out more about our block of flats insurance here.
Problems can arise when you are unable to trace the freeholder or if they are absent for whatever reason and you are unable to locate an insurance policy. There may or not be an insurance policy in force and this puts you in an difficult position for the following reasons;-
- You may need to make a claim, in which case you will need sight of the block insurance policy.
- You may need to send the insurance policy to your bank or building society that have arranged your mortgage.
- You may be selling your property and need to send the policy documentation to the purchaser's solicitor as evidence of buildings insurance cover.
Many insurers will not provide you with a quotation for insurance for your individual flat for two reasons;-
- Unless the lease has a clause contained in it making you responsible for the insurance then it can be argued that even though you own the lease, you have no insurable interest in the property.
- There may be a risk of dual insurance which can cause financial and legal problems for the insured and for the insurer.
An insurance policy designed to cover the leaseholder when the freeholder's insurance cannot be found
A solution from Bickers Insurance Services Ltd is available. We have negotiated special terms with an insurer and have overcome the problems associated with block insurance and missing freeholders. Our policies are available for residential property, commercial buildings and mixed commercial / residential property.If you would like a quotation on our absent freeholder insurance policy call us now on 01903 791340 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
These cases can be quoted quickly and easily over the telephone and we aim to make our premiums very competitive.