Brandon
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5 Posts
Hi I am 1 of 4 owners of a Freehold property that contribute to monthly service charges paying for the Freehold building insurance. We are longstanding owners for the last 20 years having lived there and are now renting this property out. We've had an escape of water from a burst pipe in our flat leading to extensive damage to the downstairs flat. As the damage was structural not contents, we have submitted our first and only claim to our insurer and the flat is being remediated. There is a view from the other freeholders that:
1. We should be claiming from our "own"/separate building insurance not the Freehold Building insurance i.e. Landlords Insurance that also includes the cost of Building Insurance
2. There should be a "protocol" for how freeholders access the building insurance going forward (not in dispute) and in what crcumstance (danger that this is subjective, open to interpretation and fraught with risk of further disputes)
3. that any premium increase should be borne by us as the individual freeholder. How would you break this out? What happens if there are further claims? Further increases for other reasons?
Our view is that as an equal share owner of the Freehold, all Freeholders should have equal access to Building Insurance as it is there to protect all owners. I don't think we should be making up new rules irresepctive of whether the freehold is made up of 4 individual lot owners (with strong opinions/personalities) or 400. There would be precedent and standards in relation to managing and agreeing Freehold but also access to Building Insurance. Appreciate any direction/resources on how to organise Freeholders in accordance with accepted standards or guidelines
