Homeowners insurance

Insurance

There are two main types of insurance:

• Building insurance

• Home contents insurance

Building insurance

Buildings insurance covers the cost of damage to the structure of your property for risks such as fire, explosion, subsidence, bad weather or earthquake.

 

If you are a freeholder, you will be responsible for arranging your own buildings and home contents insurance.

If you are a leaseholder, Lambeth council will provide insurance for the building. This covers

• Shares areas of the building

• The structure of your flat

• Fixtures and fittings inside your home, such as sinks, baths, toilets and fitted cupboards

Every year Lambeth council will send out a copy of the insurance schedule with a summary of the policy. New owners will receive a booklet outlining the policy terms and conditions. If the policy changes in any way, you will be told of the change. Please read the policy carefully. For a full list of situations covered by the insurance, refer to your policy.

If you already have an insurance policy

If you already have your own building insurance policy when you bought the lease of your property, you will need to cancel it and explain to your insurer that Lambeth council, as the freeholder, are responsible for providing this cover.

If you do not cancel your original policy you will have dual insurance. This could cause complications if you have to make a claim, as it would be illegal to claim for the same damage from two separate insurance. Also you would be paying a policy you did not need. You should discuss insurance with your solicitor or licence conveyancer when buying your leasehold. If you think you may have dual insurance or have other problems talk to your insurance provider

 

Home contents insurance

Deciding to insure your belongings is up to you, but insuring your belongings can save a lot of money if they are stolen or damaged. We have worked with Farr insurance to design a Contents insurance policy for our residents.

 

Making a claim

To make a claim you will need to contact the insurer directly. If the claim involves extensive damage to the structure of the building, also contact the housing office and Lambeth council.

If the damage affects the structure or shared areas, the housing office may repair it and send you a bill for your share of the repair costs you can then reclaim this expense from the insurance company, as long as you had previously told them about the incident.

If you have further question about buildings insurance, contact Lambeth Council on 02079269330. 

Replacing lost or damaged property can be very expensive, so you should take out home contents insurance to protect against loss and damage. Most insurance companies cover items such as furniture, carpets and electrical appliances against loss damage, flood, fire or theft.

 

Lambeth council has arranged special rates for home contents insurance for residents.