In many blocks of flats a management company will be in place and act on behalf of the owner/landlord. They will usually arrange all the necessary insurance on behalf of the landlord.
While a tenant is not responsible for insuring the building itself (that’s the landlord’s responsibility) you need to make sure you have home contents insurance for your possessions to ensure you can replace them if something happens to them.
If you have bought an apartment and have a mortgage, it is likely that the mortgage company will ask for you to take buildings cover in case something happens. If you don’t have a mortgage you don’t have to have buildings insurance cover – but it is advisable. You should also take out contents insurance to cover your belongings.
If you are insuring a block of flats remember that you need to insure the cost of rebuilding – not the market value of the building. That said, the cost of rebuilding will go up over time – so you will need to increase the value you insure.
If this all sounds a bit complicated and you aren’t sure what insurance you need – just give our team at Property Insurance Centre a call on 0208 651 3131 and they will happily talk you through it.