We deal with a lot of Shared Freehold Insurance queries at Insurance Tailors, the below is one such example where our expertise helped freeholders.
The property, split into two flats, was insured separately by the two homeowners. Freeholder A attempted to insure the building under a block policy but, whilst this had been arranged with the best intentions, it turned out to be inadequate as Freeholder B was only noted as a financial interest rather than being named on the policy as a co-policyholder.
When the property suffered a break-in Freeholder B suffered considerably more damage than Homeowner A but because they were not noted on the policy the insurer refused to speak to them about a claim. Freeholder A had to be the middle-man and coordinate communications which caused considerable delay and disruption to the claims process as well as frustration for both homeowners.
Insurance Tailors managed to place both freeholders on a single policy that named them individually, allowing them to claim separately and get rid of any duplication of insurance.
If you want more advice on Shared Freehold Insurance call Sarah on 0207 199 3253 or email email@example.com