What is block insurance?
If you own or manage a block of flats or apartments, you must have the right expert insurance you need. Typical building insurance policies will not provide you with suitable cover.
Block insurance is a specialist type of insurance intended to give you the protection you require. This can be done using a standard block insurance policy as a starting point and adding extra coverage as needed. For example, lift insurance may not be covered initially but can easily be added to your policy if you require it.
Does the landlord or tenant pay for flat building insurance?
In most cases, the landlord or freeholder is the person who will pay for and control the block insurance policy. However, this is not the case for every block and should be agreed on by the tenant and landlord.
What does health insurance cover?
Most policies automatically cover fixtures and fittings (i.e. fitted kitchens, bathrooms and wardrobes). Polices do not tend to include a flat or apartment’s contents, which will need to be covered by another separate policy.
- Loss of rent and alternative accommodation
- Directors & Officers Cover
- Flexible occupancy
- Loss of/damage to contents of communal areas
- Legal liability for injury to employees
- Legal liability for injury to the public or residents
- Replacement of communal door locks following a theft of keys; and
- Loss of Residents’ Management Company cash
How can I establish the correct level of insurance cover for a block of flats?
Our contracts cover damage by all risks. To ensure the property is insured adequately, a professional valuation will be required. We can also help with this.
How often should I have my block of flats valued for insurance purposes?
Insurers recommend a block should be surveyed for valuation purposes every 3-5 years. This will also help to make sure that you are getting the best possible cover for your asset.
Is block of flats insurance a legal requirement?
Although there is no direct law which demands that a block of flats is insured, it is likely that it will be a requirement of any mortgage agreement that you have. There is current legislation though which requires a certain amount of liability cover for flat owners.
What does loss of rent cover?
Loss of rent covers means that a landlord will be compensated for the cost of any rent they are unable to collect as a result of their building becoming uninhabitable. This can result from things such as fire and the loss of rent, which is lost when a building is repaired. The different causes of inhabitability are
If the property is uninhabitable due to an insured event, i.e. fire, the loss of rent section will compensate the landlord for rent they cannot collect whilst the damage is repaired.
What does malicious damage by tenants cover?
A policy that includes this would mean that you were covered if your tenant was to cause harm to the fabric of the building or the fixtures and fittings of the property. It will not cover the contents of the property.
Will I be covered if my block is unoccupied?
This is dependent on the policy which you choose. It is an easy thing to make sure that your policy covers and can easily be added by one of our brokers.
Can I insure a block under refurbishment?
This is something which can be offered with certain policies. The insurer would need to know the work which is being done and how long the work would take to make sure that the building was fully covered.
Can you insure more than one property with block insurance?
You will be able to insure multiple blocks under one contract.
Does block of flats insurance cover leaks in flats?
Yes, escape of water and ingress of water would be covered under our contracts as standard.
What is the excess charge on block of flats insurance?
Depending on what you want to pay and what you want covered in your policy we can work to find you an excess amount that suits you. It should be remembered though that the higher the excess the lower the premium tends to be.
How much does block of flats insurance cost?
The premium that you pay is dependent on several factors, such as the rebuild cost and the claims history. For this reason, our quotes are tailored to you
Exeter Office
2b Manaton Court
Manaton Close, Matford Business Park
Exeter
EX2 8PF
Tel: 01392 908750
Bristol Office
Henleaze Business Centre,
13 Harbury Road, Henleaze,
Bristol BS9 4PN
Tel: 01172 034186
London Office
56 Gloucester Road
Kensington
London SW7 4UB
Tel: 020 3301 9859