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Leasehold Property Insurance

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FloodedFlat

One of our members used our 'questions@' service to seek advice on insuring his leasehold flat in case, for example, there was a leak in the flat above.

Read on to see the advice given by Steve Cox of insurers Boswells... 

What was the question? 

In a leasehold flat the building insurance is included with the service charge so when I let leasehold properties unfurnished that policy seems to cover everything. However - if the plumbing fails and floods the flats below - what's the insurance position.

Does buildings cover that - or is it a small contents and flood policy that I need? 

And the advice received.... 

"Yes, the buildings insurance policy would normally pick this type of claim up but possibly good to check the lease to ensure that this allows flats to be let. The lease also may state something different regarding insurance, but this is the stance taken 99% of the time.

The leaseholder should seriously think about having Property Owners Liability insurance however for their individual flat. This could include contents insurance cover as well."

Boswells are recommended by the PDPLA and whilst it is true that we get a small commission from them, we can safely say that we have yet to find better cover elsewhere.


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About the author

Martin Silman

Martin began his landlord journey 18 years ago, while working in an international role for a global telecommunications company. Since retiring he has extended his portfolio, which he manages with his wife, but has always focussed on the ‘small student HMO’ sector preferring to offer homes in the community for small groups to the more common ‘pack them in and take the money’ mentality. He has chaired the PDPLA for the past 9 years and has overseen the Associations transition from small local self-help group to a much larger and more professional institution which is recognised and listened to nationally. Alongside his PDPLA role, he also has leadership roles in a number of other local organisations – bringing his unique perspective, driving for change and increased use of technology while respecting the history that brought us here.

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