Global Courant
If you own a carriage house, you will need a policy that insures the entire property, including all garages, your own garage (property) and those on leaseholds to neighbours. These are usually leasehold on a Peppercorn Leasehold of 999 years.
You must include the legal liability coverage you need to protect your liabilities as a leaseholder to the leaseholder while insuring the entire building, including the rented garages.
Coach house insurance must include, but is not limited to:
• All hazards – these are things like fire, storm surge etc. including water escape
• Collision and Collision – This covers the property if someone hits the building with a car – such as a slight miss entering a garage!
• £2m Property Owners Liability, the part of the policy that protects your legal obligations to the leaseholder.
• Accidental Damage – this is optional and covers things like spills on the couch and DIY disasters.
• Personal Possession Cover – this is also optional and covers your everyday valuables when you take them home – mobile phones, handbags, cameras etc…
• Specific items – you can specify specific valuables that you have, for example, worth more than £1,500.
And much more!
You can expect all the normal features and benefits that home insurance offers while customizing a policy to meet your specific home needs.
Why is it so hard? More and more of these types of properties are being built so it’s a shame the insurance industry isn’t keeping up, this makes it difficult for coach house owners and the market is much more limited. The legal liability aspect of the property regime is something most insurers don’t understand, so they simply deny coverage or impose huge ratings on the premium to cover the risk. The fact is, there is no more risk involved in insuring a carriage house than any other type of property. It comes down to a lack of knowledge.
There are insurers who are very adept at writing good quality bespoke insurance policies for this type of property, you have to search well enough.
What not to do. Never insure your coach house as a detached house because it is not a detached house, never insure your coach house as a flat because it is not a flat. This seems obvious, but some people just change the description of the property to fit the check box! Claims against a policy with incorrect information submitted by the policyholder will be rejected. You cannot insure a BMW like a Ford and the same logic applies there.
What you should do. Always insure a coach house as a coach house and look for an insurer that covers coach houses. While this takes more time and requires more research on your part, you need to insure your property properly to protect it and you.
Custom carriage house buildings and contents insurance are still so hard to come by!
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