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Shared Owner Insurance
Home contents and building insurance
It's important your home is insured. The type of insurance you need depends on your lease and the kind of home you live in.
There are two main types of home insurance:
- Buildings insurance — covers the structure of your home
- Contents insurance — covers your belongings
What type of home insurance do I need?
As the freeholder, Redwing will cover buildings insurance.
What is home contents insurance?
Contents insurance helps protect your belongings if something goes wrong. This could include things like theft, fire, flooding, or accidental damage.
You are responsible for arranging this insurance yourself. If something happens, you may need to make two claims:
- One for the building (which we cover)
- One for your belongings (which you cover)
What is buildings insurance?
This includes things like the walls, roof, windows, and permanent fixtures such as kitchens and bathrooms. It protects your home against damage from things like fire, flooding, storms, or vandalism.
As a shared owner you do not need to arrange or pay for buildings insurance yourself. Redwing (through our parent organisation, The Regenda Group) arranges this for you as part of your service charge. This is explained in your lease. We review the insurance contract every five years to make sure it offers good value.
Please note: you will need to pay the insurance excess if you make a claim. You can find the amount in your insurance summary.
Buildings Insurance Update August 2025
We renewed our building insurance policy on 1 October 2024.
The new provider is Protector Insurance, chosen through a fair process by our independent insurance broker, Marsh Limited. If we own the freehold of your home, your lease says we must arrange buildings insurance for you. By working with a broker, we aim to get the best value for leaseholders and shared owners.
We’ve agreed a long-term deal to help keep costs fair. Your premium (the cost of your insurance) covers from the 1st October 2024 to the 30th September 2025. It’s based on how much it would cost to rebuild your home. This amount may not match what you see on your service charge statement.
For more details, please read our Frequently Asked Questions (FAQs) below.
Who is responsible for providing building insurance?
If Redwing owns the building (as the freeholder), we arrange the building insurance. Leaseholders and shared owners help pay for this through their service charge.
If someone else owns the building (a superior landlord), they will usually arrange the insurance. In that case, the details in your letter may not apply.
Why do we need a new insurance policy?
The current policy runs from 1st October 2024 to 30th September 2025.
We will need a new policy after that date to keep the buildings insured.
Where can I find the insurance policy or summary?
A copy of the summary of cover is included with your letter. This has always been available on request, but we’re now sending it out directly to meet new rules.
What are the new leasehold rules?
The Financial Conduct Authority (FCA) has introduced new rules to protect leaseholders. These rules make sure insurance providers and brokers treat leaseholders fairly and share clear information.
For housing associations, shared owners are also counted as leaseholders. Landlords must now pass on insurance details to leaseholders, including what is covered and how much it costs.
When did the rules start?
The rules started on 31st December 2023, but we applied them from our next renewal date which is 1st October 2024.
What do the rules mean for me?
You don’t need to do anything. Redwing will still manage the insurance as before. The new rules simply mean you’ll get more information about your insurance and how your share is worked out.
How is my insurance cost worked out?
The insurance company calculates the cost using details about our homes, like:
- Type and age of the property
- How it’s built
- Where it is
- Property value
- Past insurance claims
They use this to set a rate, then add Insurance Premium Tax (IPT). We get one total cost for all homes and split it fairly. You only pay your share.
How does this fit into my service charge?
The insurance year runs October to September. Your service charge year runs April to March. So we split the insurance cost across both years.
Example:
- Insurance Oct 2024 – Sept 2025 = £100
- Insurance Oct 2025 – Sept 2026 = £120
- Budget for April 2025 – March 2026 = £110 (£50 from the first policy, £60 from the second)
Why do we need a new insurance policy?
No. You’re not being asked to pay anything extra. We’re just sharing more details with you as required by the new rules.
Can I arrange my own buildings insurance?
No. Redwing arranges a block policy to cover all homes in the building. This makes sure everyone is protected and avoids problems if someone forgets to get cover.
You don’t need to arrange your own buildings insurance. But we strongly recommend getting contents insurance to protect your belongings.