Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 
646 posts

Ultimate Geek


  #1288681 21-Apr-2015 16:58
Send private message

sxz: Lawyer here.

Some Cross Lease instruments require that insurance be shared like OP suggests.  That said, many people ignore this and do their own insurance.  Not having joint insurance in that case means you are breaching the terms of the Lease, which if there are only two of you, and you both agree to it, there mightn't be much loss.  There can be risks with either approach however.  If you are joined to their property it may be in your best interest to know for a fact that they are insured.  You can only know this if you have a joint policy with them.

Consider this:  You insure your flat only.  You make full disclosure to your insurer of the circumstances.  You pay your premiums.  Your neighbour tells you their property is insured.  They fail to renew their insurance.  Their flat burns down, damaging yours, as they have a joined wall.  Your insurer might decide that they wont pay you out because your neighbour was not insured and it was a requirement of your lease to have joint insurance.

 
Unlikely? probably.  Something to consider?  Yes.


If that's the case for OP, then they should go to a lawyer to have the cross lease amended.


Sure it will cost initially, but long term might be safer and simpler with separate insurance.




NZ / AU Battlefield 4 Gaming Community
http://www.sonsofvalour.net/forums/forum.php

Stu

Hammered
5359 posts

Uber Geek

Moderator
Trusted
Lifetime subscriber

  #1288683 21-Apr-2015 17:07
Send private message

sxz: Lawyer here.

Some Cross Lease instruments require that insurance be shared like OP suggests.  That said, many people ignore this and do their own insurance.  Not having joint insurance in that case means you are breaching the terms of the Lease, which if there are only two of you, and you both agree to it, there mightn't be much loss.  There can be risks with either approach however.  If you are joined to their property it may be in your best interest to know for a fact that they are insured.  You can only know this if you have a joint policy with them.

Consider this:  You insure your flat only.  You make full disclosure to your insurer of the circumstances.  You pay your premiums.  Your neighbour tells you their property is insured.  They fail to renew their insurance.  Their flat burns down, damaging yours, as they have a joined wall.  Your insurer might decide that they wont pay you out because your neighbour was not insured and it was a requirement of your lease to have joint insurance.

 
Unlikely? probably.  Something to consider?  Yes.


Interesting. Makes sense when you look at it that way. Also clears up why not all cross lease scenarios require the single insurance policy. Thanks for the info.




Keep calm, and carry on posting.

 

 

 

Click to see full size Click to see full size


 
 
 
 


2152 posts

Uber Geek


  #1288686 21-Apr-2015 17:18
Send private message

I honestly think you should forget about who managed to get a discount. The easiest and probably fairest way is for you to pay your percentage of the total annual policy cost. The only exception would any specified items unique to a property.

The other option would be to contact the insurance company and ask them if they'll itemise the policy in a way that allows you to pay exactly the cost of your portion.
They probably won't be interested though.




Location: Dunedin

 


15443 posts

Uber Geek


  #1288688 21-Apr-2015 17:18
Send private message

Why don't you try to get it put on freehold titles? I am aware of a couple of flats on a piece of land that have a shared party wall, but they are freehold. Being freehold may also increase it's value, as many people avoid buying crosslease properties, as freehold are more desirable.

I think the discount thing is pretty trivial though, it isn't a big amount over a year to worry too much about. You win some, you lose some, and many things are not fair.

528 posts

Ultimate Geek

Lifetime subscriber

  #1288705 21-Apr-2015 17:58
Send private message

My take is stick with the single insurance policy. If your home is damaged, the last thing you want is two insurance companies arguing over which is responsible for which costs.

Sorry nothing to offer on the cost split!

809 posts

Ultimate Geek
Inactive user


  #1291352 25-Apr-2015 16:25
Send private message

jtan:
Unfortunately this is not possible - As the land is shared between both properties the insurance also has to be shared - .

Since when?

 

I have a crosslease house.
I do not have shared insurance with the neighbour.

2152 posts

Uber Geek


  #1291522 25-Apr-2015 21:15
One person supports this post
Send private message

pctek:
jtan:
Unfortunately this is not possible - As the land is shared between both properties the insurance also has to be shared - .

Since when?
I have a crosslease house.
I do not have shared insurance with the neighbour.

Already explained.
http://www.geekzone.co.nz/forums.asp?forumid=141&topicid=171498&page_no=1#1288372




Location: Dunedin

 


 
 
 
 


809 posts

Ultimate Geek
Inactive user


  #1294516 30-Apr-2015 19:36
Send private message

Ah. Joined houses.
Thanks

1781 posts

Uber Geek


  #1294537 30-Apr-2015 20:23
Send private message

pctek: Ah. Joined houses.
Thanks

Seems odd to me.  >50% of houses in UK are joined to another and I have never heard of a requirement for adjoining neighbours to have the same insurance company/policy.  Would you expect the whole of a terraced street like Corrie to have the same policy?

15443 posts

Uber Geek


  #1294566 30-Apr-2015 21:10
Send private message

shk292:
pctek: Ah. Joined houses.
Thanks

Seems odd to me.  >50% of houses in UK are joined to another and I have never heard of a requirement for adjoining neighbours to have the same insurance company/policy.  Would you expect the whole of a terraced street like Corrie to have the same policy?


They are probably freehold. Potentially it can be possible to convert from cross lease to freehold, but probably expensive. Money for jam for lawyers.

5434 posts

Uber Geek


  #1297607 4-May-2015 12:54
One person supports this post
Send private message

What happens if the other party doesn't pay their share of premiums?  What if they undertake some illegal or negligent activity - do you have cover?  I would discuss with a lawyer and try to do whatever disentangles you legally from the other party as much as possible.

As to the split of premiums I would try and ignore (or pay for) any past imbalance and agree a consistent approach for the future. 

To me it seems fair and simple that, where only one party rents their unit out: -

 

  • The renting party derives all the benefits of renting.
  • Renting increases he insurers estimate of risk and therefore the premium
  • The renting party should pay all the extra premium costs. 




Mike

23014 posts

Uber Geek

Trusted
Subscriber

  #1297646 4-May-2015 14:30
Send private message

I would not share any discount at all. The total premium on the property should be divided up according to the values of them.

The other flat bought it full well knowing that it was a split policy, they shouldnt benifit more than you if you choose to rent your portion out.




Richard rich.ms

1 | 2 
View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

New Vodafone mobile data plans with unlimited data
Posted 26-Feb-2020 06:55


Vodafone launches innovation initiatives to help businesses use 5G
Posted 26-Feb-2020 05:00


Ultimate Ears HYPERBOOM brings massive sound and extreme bass
Posted 25-Feb-2020 09:00


Withings launches three new devices to help monitor heart health from home
Posted 13-Feb-2020 20:05


Auckland start-up Yourcar matches new car buyers with dealerships
Posted 13-Feb-2020 18:05


School gardens go high tech to teach kids the importance of technology
Posted 13-Feb-2020 11:10


Malwarebytes finds Mac threats outpace Windows for the first time
Posted 13-Feb-2020 08:01


Amazon launches Echo Show 8 in Australia and New Zealand
Posted 8-Feb-2020 20:36


Vodafone New Zealand starts two year partnership with LetsPlay.Live
Posted 28-Jan-2020 11:24


Ring launches indoor-only security camera
Posted 23-Jan-2020 17:26


New report findings will help schools implement the digital technologies curriculum content
Posted 23-Jan-2020 17:25


N4L to upgrade & support wireless internet inside schools
Posted 23-Jan-2020 17:22


Netflix releases 21 Studio Ghibli works
Posted 22-Jan-2020 11:42


Vodafone integrates eSIM into device and wearable roadmap
Posted 17-Jan-2020 09:45


Do you need this camera app? Group investigates privacy implications
Posted 16-Jan-2020 03:30



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.