Securing appropriate insurance for your apartment block can be one of the most demanding tasks a Residents’ Management Company or Right to Manage Company director can be called upon to perform. Why is arranging buildings insurance for a small block of flats such a headache when, in the face of things, it should be a relatively simple procedure? And what help can Block in a Box offer to those who are struggling with the process?
The problem is that the way the insurance industry works is somewhat at odds with the apartment lifestyle. Insurance companies need to be able to calculate the risk connected to a given proposal in order to offer cover. And as with any mathematical calculation, the more variables that must be taken into consideration, the more complex the calculation becomes.
Think of it this way: when you buy a new washing machine or refrigerator, insuring it against breakdowns by purchasing an extended warranty is a simple matter, usually involving no more than just signing a piece of paper. That’s because the cover you are being offered is simple; either the appliance keeps working to the end of the cover period, or it doesn’t. The company offering the cover can easily calculate their risk.
When it comes to insuring your car, however, there are many more variables involved. Your vehicle may be stolen; it may be damaged by fire; it may be involved in an accident, and that accident may be caused by the driver, another motorist, or who-knows-what; or, everything may be fine. To calculate the likelihood of any of these eventualities, your car insurance company will want to know about your vehicle, your neighbourhood, your driving habits, and countless other variables in order to arrange your cover.
So, how does this illustrate the difficulties of arranging buildings insurance for your block of flats? If a suburban house is a refrigerator, an apartment block is like a sports car which is parked overnight in a high-risk area, and is to be driven by a teenager with zero no-claims bonus! In other words, apartment blocks come with a long list of variables which are not usually present in the case of individual homes, and any of these can contribute to an insurance risk. These variables may include multiple residences each with different occupants, communal areas, lifts, swimming pools, and many others. It’s no wonder procuring a block of flats insurance quote can be one of the most time-consuming tasks on a company director’s calendar!
But help is at hand! Since Block in a Box was created to provide a mix-and-match services toolbox for apartment block managers, block of flats insurance is a vital requirement we couldn’t overlook. We are therefore proud to introduce Flat Living Insurance, an insurance provider with products specifically tailored around the intricacies and idiosyncrasies of providing block of flats insurance. London has already benefitted from this service, which is now rolled out nationwide.
When searching for block of flats insurance, UK apartment managers and property managing agents can find all the resources they need by contacting us.
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