Is this the correct policy type for us?

[Beresford Gatehouse]

We are a block of 10 flats, each leaseholder is a 1/10th shareholder of the freeholding and management company. Until recently we employed another company to manage the property, but we've recently reverted to doing it ourselves.

It's time to renew our insurance, and I'm a bit worried about the type of policy that the previous managing agents took out, it looks like it is best suited to property investors, not a group of leaseholders.

The policy is AXA Property Investors Protection Plan Policy Wording - April 2018.

Is this the correct policy for us, or are we paying for cover we don't need?

[Gordon999]

I suggest you look for a " Block of Flats" buildings insurance policy .

The policy should include insured cover for the "re-instatement value" (= floor area x building cost per sq ft and calculated by a chartered surveyor )
package may include "insured cover" for public liability , employee liability, 24 /36 months "alternative accommodation" plus other options.

The named "policy holder" is usually the freeholder or management company but you should ask for additional clause to state " the interests of the leaseholders and their mortgage lenders are automatically noted". This will ensure the leaseholders can claim under the policy otherwise only the policy holder can make a claim under the insurance policy.

[Bendis]

Best thing to do is contact an insurance broker for the correct advice.

[Section20z]

FFS. Why do admin allow all these posts and fake IDs.

[ATC]

I would say the type of policy is ideal, even if the leaseholders are the sole shareholders in the freehold owning entity, there still needs to be a property owners policy covering all possible types of liability claim, as well as material damage to the whole estate. People mistakenly think expenses will come down when they self manage. It isn't necessarily so