Leasehold buildings insurance covers the cost of repairing or rebuilding your leasehold flat or house if it’s damaged by storms, fire, flooding, or other unexpected events. It protects the structure and permanent fixtures of the property, ensuring costly repairs don’t fall on your shoulders alone.
The Department for Levelling Up, Housing and Communities (DLUHC) reports that England has about 4.98 million leasehold properties, with roughly 70% being flats and 30% houses. Whatever type of leasehold property you own, having the right insurance in place helps you meet the requirements of your lease while giving you valuable peace of mind.
Insurance arrangements and responsibilities can differ depending on the property type. In blocks of flats, for example, buildings insurance is often arranged by the freeholder or managing company. For leasehold houses, however, the responsibility usually falls to the leaseholder. Checking your lease carefully will make sure you know exactly where you stand.
