Owning or living in a leasehold property comes with shared responsibilities, and insurance is one of the most important. One of the most common areas of confusion for leaseholders is understanding the difference between the building insurance arranged by the freeholder or management company, and the individual insurance policy that each leaseholder should arrange themselves. While the building may already be insured as part of the service charge, this does not necessarily mean your personal belongings, internal finishes, or legal liabilities are protected. Understanding the difference can help avoid costly surprises if something goes wrong.