Help - Can Anyone Talk Sense About Building Insurance!!!!!????

[scraggy55]

I have just made a number of calls to Insurance Companies. None of them seemed to understand the following:
"I live in a block which has 4 flats in it. We will soon have to take over paying the Building Insurance from the owner, when he transfers the freehold. Can I have a quote please to rebuild this building that contains 4 flats......................We need to insure it for rebuilding for £350,000"

Not ONE of the companies I contacted could understand what I was trying to say. They 'each' wanted to give me the cost to rebuild just 'my flat'. When I queried with them why anyone living in a block containing 4 flats, would want to do that, they could not answer!
I lost the will to live and now don't know who to contact who has the brain to give me an answer to the simple question as above.
Please, is there anyone on answerbank that can signpost me to someone I can call to get an answer?

[hc4361]

Have you tried these people?
http://www.deacon.co.uk/products/blocks_of_flats_insurance.aspx

[KARL]

I believe you have come up against the modern way of selling insurance. When you speak to someone at a call centre they are only capable of dealing with you if they find an answer in their on-screen list. The absence of responsibility and willingness to actually think prevents engagement with a question which is not catered for by the software that dictates responses. I once wanted to advise a company's customer service department of something but after being passed between four different sections over the course of more than an hour, each of which "refused" to understand my point and reason for contacting, I was cut off because my errand was not a complaint ! That was the default stance for them and they could not react in any other way. It was eBay. That said, it is quite possible that ordinary consumer policy outfit will not be geared up for quoting for multiple dwellings in a single shot. Rather than going directly to these, you might get better results by going to an agent in the first instance, that way you might at least get some leads.

[stoofur]

I am with Towergate insurance. I want to them directly and got quoted a price. I then went to Swinton Insurance brokers who found me the same policy with Towergate for less and with cash back. As Scraggy says it is best to try through an insurance broker.

[knowabit]

Why don't you speak to the company that the current owner already uses for the insurance?

[boxtops]

This is the sort of situation where you are best advised to go to a broker. Will you be setting up a management company between the owners of the 4 flats when the owner transfers the freehold? Not sure if you can still do this, but that would be one way of an umbrella organisation taking out the cover on behalf of the 4 named freeholders. Definitely worth exploring via a broker.

[boxtops]

knowabit - that's a good idea!

[bednobs]

as far as i can see, if you are the sole leasholder, no problem taking out this insurance. If there are 4 of you going to be the leasholders, one individual can't take out insurance on the other 3 flats as well, as you do not have an insurable interest in the other 3, only yours (it would be like me trying to take out insurance on YOUR flat) The way round it is as BT suggests

[DTCwordfan]

I have found the NFU very good recently - very reasonable and they have a reputation of paying out without too much hassle - the one issue being whether they will take such property on if it is within a city.

[scraggy55]

The present landlord is paying a fortune and i am not about to get ripped off! I will try a broker and they should be able to advise me if nothing else - thanks everyone

[Bingo99]

The landlord may be taking some kind of income from you all. Ask to see the policy schedule; that will show the price and, if divided by 4, that gives figure that you should all be paying. My bet is that he won't release it.

Further, if he is deriving an income from you all, this could be classed as Insurance Mediation Activities, and he will need to declare that this is happening, and be authorised to do so.