If you own a Coach House you will need a policy that will insure the whole property
including all of the garages, your own garage (freehold) and those on Leasehold to neighbours. These are usually leased on 999 year Peppercorn Leasehold.
You must include the Legal Liability cover you need to protect your liabilities as Freeholder to the Leaseholders, whilst insuring the whole building including the leased garages.
Coach House Insurance must include but not be limited to:
* All Perils – these are things like Fire, Storm Flood etc.. including Escape of Water
* Impact and Collision – This covers the property should anyone hit the building with a car – for example a slight miss when driving into a garage!
* £2m Property Owners Legal Liability, which is the part of the policy that protects your legal liabilities to the leaseholders.
* Accidental Damage – this is optional, and covers things like spillages on the sofa, and DIY disasters.
* Personal Possession Cover – this is also optional and includes your day to day valuables when you take them out of the house – mobile telephones, handbags, camera’s etc…
* Specified Items – you can specify any particular valuables you have over £1,500 in value.
Plus much more!
You should be able to expect all of the regular Features and Benefits that Home Insurance offers whilst tailoring a policy to meet your specific needs of a Coach House property.
Why is it so difficult? There are more and more of these types of properties being built all of the time so it is a shame that the Insurance Industry has not kept up, this does make things difficult for the owners of Coach Houses and the market is much more limited. The Legal Liability aspect of the property arrangement is something that most Insurers do not understand, so they simply decline cover or impose huge ratings on the premium to cover the risk. The fact of the matter is that there is no more risk to insuring a Coach House as any other type of property. It comes down to lack of knowledge.
There are Insurer’s who are very skilled at writing good quality Coach House Insurance and they are available if you look hard enough.
What NOT to do. Never insure your Coach House as a detached House because it is a Coach House, never insure your Coach House as a Flat because it is a Coach House. This seems obvious but some people simply change the description of the property to suit the check box! Any claims made on a policy with incorrect information submitted by the policy owner will be rejected. You cannot insure a BMW as a ford and the same logic applies.
What you should do. Find an Insurer that covers Coach Houses. Whilst this will be more time consuming and require more research on your part, you must insure your property accurately in order to protect it and you.
Call us today on 0800 612 2007 for advice and a quote. Our specialist advisors can talk you through this bespoke Insurance and advice on the right policy for you.