Insurance for Blocks of Flats

For many directors, managing and renewing insurance for their property can be an ominous task. This is mainly because blocks of flats and apartments are not easy properties to insure.

Firstly, they are residential properties, so great care must be taken to ensure the policies cover the entire building and protect the residents as well as the block. Secondly, the building itself may have several different features such as automatic doors, a lift, or even a swimming pool, all of which must be taken into account when arranging insurance policies.

It’s important to remember that standard Buildings Insurance will not usually cover everything. That means that you will likely require a tailor-made policy, one which includes all the different types of cover you may need.

To take the pressure off, Flat Living Insurance can help you arrange insurance policies for your block- ensuring you find adequate cover which won’t cost the earth.

What sort of policies does this include?

Residential Buildings Insurance: Perhaps the most obvious insurance policy, your Buildings Insurance will the bricks and mortar of your block. Provided on an All-Risks basis, this policy will cover both accidental damage such as a fire, ground heave or broken windows, as well as protecting against malicious damage such as arson.

Terrorism Insurance: Any damage caused by an act of terrorism will not be covered under your standard Buildings Insurance policy. Although this is not something that many properties will be affected by, you must check your lease to see if it is a legal requirement for your building. If it is stipulated that your property should have Terrorism cover, then you must have this type of insurance in place.

Directors & Officers Liability Insurance: When securing insurance for your block, it is also important to think about protection for the directors and officers working within the Residents’ Management Companies. Directors or Officers can be held personally liable for any alleged wrongful acts and therefore may require legal protection against compensation claims. This type of insurance offers cover for the director and the Residents’ Management Company towards the cost of legal expenses and protection against potential claims.

Lift Insurance and Inspection: Many blocks of flats have machinery such as lifts or automatic doors. However, if they were to ever break down, you’d need an adequate insurance policy to cover the costs. Engineering insurance will put towards the cost of repairing or replacing your block’s broken machinery, while Engineering Inspection insurance will cover the cost of mandatory inspections.

Also available:

• Landlord insurances

• Roads and Private Estates insurance

• Commercial Property insurance

Renewals

Finding the right insurance policy for you is just the first step. We’ll help you at each renewal as well, so that you always have the most comprehensive cover at the lowest possible price.

When your renewal is due, we will:

• Check the market for current policy competitiveness

• Arrange for approval by the directors at each stage

Claims

We understand that claims procedures can be a hassle. Should you ever need to make a claim for your property, we’ll help you to organise and submit this with your insurance company. We’ll also organise contractors for you, if required.

For more information or for a quote on any of the policies mentioned, please call a member of the team on 0333 577 2044 or email info@flatlivinginsurance.co.uk or visit www.flatlivinginsurance.co.uk.