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Block of flats insurance provides a simple and flexible buildings insurance policy for Residents Associations, Right to Manage (RTM) Company, Freeholders or Block Managing Agents. Typically, the individual flats are subject to long-term lease agreements and each leaseholder will contribute to the block of flats policy arranged by the freeholder as part of their annual management fee.
As well as the building itself, cover can be extended to provide additional cover such as terrorism, communal contents, legal liabilities and legal expenses.
The core protection for flat insurance is cover for the building itself. Policies are based on the rebuilding sum insured to reinstate the block to its current condition following an insured loss such as a fire or flood.
Typically policies are arranged on an “All Risks” basis meaning that cover is provided for any loss which is not specifically excluded. Cover can also be extended to cover legal liabilities such as property owners liability and employers liability as well as “trace and access” and “emergency services access” indemnity.
As property insurance experts, Insync has selected a panel of the UK’s leading flat insurers. You can compare cover and prices online in a matter of minutes, building a tailored package to meet your specific requirements.
Alternatively, why not book a free review with one of our property insurance advisors who can assist you in finding the right level of cover at the right price for your budget.
In addition to buildings insurance, cover will usually extend to cover your legal liabilities as the property owner. This will include property owners’ liability and employers liability where you may employ staff such as a gardener or maintenance worker.
We would also recommend the inclusion of legal expenses cover.
Specialist cover from small flat conversions to large purpose built apartment blocks
Single or multiple location policies
House-in-multiple occupation (HMO) flat conversions
Non-standard construction and unoccupied blocks
Blocks under renovation
Communal contents and garden cover
Cover for solar panels and satellite dishes
Lifts and communal boiler cover (Engineers and Inspection cover)
Optional Terrorism cover
Legal liabilities as a block owner (Property Owners Liability and/or employers’ liability)
Legal Expenses options
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A parcel delivery driver trips down the stairs on loose carpet and suffers a broken hip. The driver is off work for 3 months and is seeking compensation and loss of earnings from the residents’ association in excess of £15,000.
Each block policy is individually rated by the insurers based on the required rebuilding sum insured, the location of the block (post-code), construction and any claims history.
Where Managing Agents control multiple properties, insurers may allow a discount from their standard rating. Additional covers such as legal expenses are usually optional and can be included subject to payment of an additional premium.
The cost of completely rebuilding a block of flats can be considerable, particularly for older properties or conversions which can often be use more complex building methods.
Whilst existing policies will usually be index-linked to allow for inflationary increases, we would recommend a regular review by way of professional valuation.
Some insurers may provide access to discounting surveying fees, else you should seek the services of a member firm registered to the Royal Institute of Chartered Surveyors (RICS)
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