Personal Finance & Money Asked by user2451016 on January 30, 2021
This is UK specific question.
In case of flat, everyone is aware that there’s some building wide structure insurance which management company arranged on behalf of flat owners & the freeholder.
But my query is specific to a scenario – Should flat owner (in multi-story apartment , living beneath another flat viz- flat owner on say floor 3 of 5 story building) take both Building insurance & contents insurance, in order to insure against issues like leakage from upstair flat to their flat or any potential leakage flat to flat beneath them?
Also issues like soundproofing between floors.
Because my understanding is that common building insurance only covers leakage from roof to the top floor flats & not the leakage from flats to downstair flats.
Or does home content insurance is sufficient to cover both?
Kindly advise.
You need contents insurance. You shouldn’t need buildings insurance, and you probably won’t be able to find anyone to sell it to you. You’re already paying for buildings insurance in your service charge. You might consider legal costs insurance in case you need to sue some complicated combination of the freeholder, the management company, the buildings insurance company and the leaseholder of the flat above. But if you’re actually buying a leasehold flat, speak to your solicitor and get him to make sure that you’re covered.
Answered by Mike Scott on January 30, 2021
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