Flat insurance

Do I need flat insurance?

The type of flat insurance you need – just contents, or both buildings and contents – depends on your personal circumstances:

• You rent a flat: You only need contents insurance. Your landlord should have buildings insurance to cover the building and permanent fixtures.
• You're an owner and leaseholder: You just need contents insurance. This is because responsibility for the flat's structure falls to whoever owns the freehold. You probably pay toward the cost of buildings insurance as part of your service and management charge. When you buy a flat on leasehold, your solicitor or mortgage company should ask for evidence that the freeholder has buildings insurance in place.
• You're an owner and freeholder, or you share the freehold with others: You need buildings insurance as well as contents. If you have a mortgage, your lender usually requires proof of buildings insurance to release the funds.
• You’re a landlord and rent out a flat: You need specific landlord insurance, which covers the risks linked to your rental property. Aside from covering the building (if you own the freehold), landlord insurance also covers fixtures and fittings such as carpets, kitchens and bathrooms that could be damaged during the tenancy.
• You own and live in a property that’s part commercial and part residential, such as a flat above a shop: You usually need separate policies – combined home insurance for the flat and business insurance for the shop or restaurant under it. In this situation your buildings and contents insurance may be more expensive as there's a higher risk of something happening, such as a fire if you live above a restaurant.

Contents insurance isn't a legal requirement, but it could be useful if something happens to your belongings. Could you afford the cost of replacing your things if they’re damaged or stolen?

Contents insurance for shared flats

Contents insurance for flat shares can also be more expensive and harder to find as the risks are higher. One concern for insurers is that an old tenant may still have keys to your flat. And as with student flats, burglars are known to target shared accommodation.

By shopping around and comparing policy features, you should find a good choice of insurers who can offer the cover you need.

You and your flatmates might find a policy to cover the entire property, but you might find it easier to manage an individual policy that just covers the things in your room. For more information, see shared house contents insurance.

How can I get cheaper flat insurance?

There are lots of ways to lower the cost of flat insurance, including:

Paying annually: Paying for your home insurance in monthly instalments might be convenient but it's almost always more expensive. Insurers charge interest rates for the benefit of paying in instalments. You can avoid any extra charges by choosing a one-off payment, if you can afford to.

Increasing your excess: This can lower your insurance costs but means you need to pay more if you claim, so make sure the amount you choose is affordable.

Getting the right amount of cover for your flat. You might pay too much if your cover levels are too high. But if you underestimate the value of your home or contents you might not be able to claim as much as you need if something happens to your flat. Use our contents calculator or find out how to estimate and calculate your rebuild costs to help you get the right level of cover.

Shopping around: Comparing quotes is the easiest way to save money. You can often find a better deal with another insurer rather than auto renewing with your current provider.

It’s important that you answer the questions truthfully when getting a quote. Changing your answers may give you a cheaper price, but giving incorrect information risks invalidating your policy and means you can’t claim if you need to.

Read more tips to reduce your home insurance costs.