If you own a leasehold property, buildings insurance is often arranged by the freeholder. This protects the structure of the building and its permanent fixtures and fittings, providing cover against damage, vandalism, subsidence, fire and flood.
However, while this is usually the case for the majority of leasehold properties, always check the terms of your own lease agreement. There may be instances where you (the leaseholder) are responsible for buildings cover.
It’s also up to you to insure your own belongings with appropriate contents insurance. This will cover the items you own, including furniture, electricals and kitchen utensils. You don’t have to purchase contents insurance, but it is strongly recommended. If you’re not covered, you’ll be responsible for paying to replace your own items if they’re damaged or stolen.
If you own a freehold property – home insurance
(buildings and contents) is your responsibility. If you have a mortgage, your lender will normally insist you have buildings cover as a condition of your loan, and this would need to be in place when you exchange.