Table of Contents
Introduction to Freehold Insurance
Share of freehold insurance is a type of buildings insurance that covers the building and common areas of a property, typically for leaseholders who own a share of the freehold.
It is essential for property owners to understand the importance of share of freehold insurance to protect their investment.
Buildings insurance covers the structure of the property, including permanent fixtures, while contents insurance covers personal possessions. You may want cover for both the building and your own contents but that would mean two policies – and it is not a legal requirement (at least for contents – your mortgage lenders may want to see proof of buildings insurance).
Home insurance/freehold insurance cover can vary depending on the type of property and the level of cover chosen.
Why Use Emerald For Your Share of Freehold Insurance?
Emerald has been covering freehold issues and answering customer questions for well over a decade. We aim to be friendly, clear, reliable and cost-effective. We score very highly on customer reviews and all our staff are trained in the issues around freeholder buildings insurance – but we aren’t on any comparison site.
If you are the freeholder responsible for organising the insurance policy for your freehold then we are here to help.
You can see our page on freehold insurance HERE. To start the process for getting a home insurance quote/block of flats quote or similar around freeholder cover, please call us on 0330 113 7109 or email us on customerservice@emeraldlife.co.uk and we would love to hear from you.
Types of Properties and Insurance
Share of freehold insurance is commonly required for leasehold properties, including flats and apartments. It can also include home emergency cover/ payouts for alternative accommodation as well as accidental damage cover.
Freehold buildings insurance is necessary for properties where the owner (or owners) has full ownership of the building and land.
Buildings insurance policy options can vary depending on the type of property, with some policies covering both buildings and contents.
Your insurance premium costs can be affected by factors such as property type, location, and level of cover.
Building Insurance and Contents
Your building insurance policy covers the physical structure of the property, including walls, floors, and roofs.
Your contents insurance policy covers personal belongings, such as furniture, electronics, and clothing.
Both buildings and contents insurance are essential for property owners to protect against damage or loss, even if they have to be different policies.
Accidental damage cover can be added as an optional extra to provide additional protection.
Additional Insurance Covers
Home emergency cover can provide assistance in the event of a sudden emergency, such as a burst pipe or electrical issue.
Alternative accommodation cover can provide financial support if the property becomes uninhabitable due to damage or repair work.
Legal expenses cover can provide protection against legal costs incurred in the event of a dispute or claim.
Business equipment cover can be essential for property owners who work from home or run a business from the property.
Insurance Policy Options
Combined policy options can provide both buildings and contents cover in one policy, often with only one excess. However this would not normally work with a freehold of say a converted house
Policy documents should be carefully reviewed to understand the level of cover and any exclusions or limitations in the same way as you would with any other important document, especially if you are a joint freeholder.
Freeholder buildings insurance can provide cover for the entire building, including communal areas.
Leasehold property owners will need to arrange separate contents insurance to protect their personal possessions as they are not eligible for cover under a freeholder policy.
Specialised Insurance Covers
Malicious damage cover can provide protection against intentional damage to the property.
Trace and access cover can provide assistance in locating and repairing leaks or other issues.
Optional extras, such as accidental damage cover, can provide additional protection against unexpected events.
Communal areas, such as gardens or hallways, may be covered under the buildings insurance policy.
Make sure that you let your insurer know if there are changes in circumstances – for example if you have installed additional security features, or one of the properties will be left unoccupied. There may be further questions from the underwriters, but you want to make sure that you can still claim in there is a water leak or other damage caused.
Insurance for Property Owners
Property owners should carefully consider their insurance options to ensure they have the right cover in place for their buildings.
Factors such as property type, location, and level of cover can affect the cost of insurance.
Many leaseholders may not realise the importance of arranging separate contents insurance to protect their personal possessions or to get home emergency cover that suits all circumstances.
Conclusion – Let Emerald Help You For Your Freehold Insurance
Share of freehold insurance is a crucial aspect of property ownership, providing protection against damage or loss to the building and common areas.
Property owners should carefully review their insurance options and policy documents to ensure they have the right cover in place.
By understanding the different types of insurance available, property owners can make informed decisions and save money on their insurance costs.
It is essential to work with a reputable insurance provider to ensure the best cover and service.
Emerald has been covering freeholders for a long time and has a super level of expertise. With trained customer agents, high customer reviews and a high level of satisfaction, we aim to meet your needs and we hope that we can help you.
Starting is simple – just call us on 0330 113 7109 or email us on customerservice@emeraldlife.co.uk and we would love to hear from you.
