Block of Flats Insurance Quotes

How do you get the best landlord insurance if you are renting your single flat out, or if you own a block of flats freehold, and the property is occupied by leaseholders and private working tenants on a 6 months tenancy agreement. Well, there are many providers out there, but you need to know what you SHOULD be insured for. It can often be said, your tenant or occupant is the driving force behind the type of insurance and cover you need. So think carefully. Below are some examples of different combinations – be it purpose built, converted house or a mixture of tenant types, such as leasehold and private 6 months AST. Top Tip – If you own a block of flats building and rent out half with the other half owner occupied, make sure your policy covers both alternative accommodation AND Loss of Rent to cater for both of these occupants types. Often freeholders forget to ask for both and can find themselves out of pocket when there is a claim.

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Block of Flats Insurance Quotes

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Examples of Blocks of Flats Quotations

Example 1 – Purpose Built Block of Flats

Mr Arif was a leaseholder in a purpose built block of flats.  He and several other leaseholders formed a Right to Manage Company which had responsibility for ensuring the annual insurance policy was renewed.  The block of flats was relatively modern with concrete floors throughout and had a declared rebuild value of £4m.  Mr Arif had been paying £3,200 to his previous insurer and called Property Insurance Centre for a quotation.  After a quick chat, our team took ten minutes to explore different providers and then emailed him a quotation of £1,852 so that he could discuss it at his next annual general meeting.

The premium included cover for accidental damage, £100,000 of legal cover for any claims and as there was a lift in the premises it included machinery breakdown cover for up to £1m.  As the units were rented out for 6 months assured shorthold tenancies the right to manage company wanted to include cover for loss of rent and the leaseholders wanted alternative accommodation cover in case an incident caused them to have to relocate temporarily.  With everyone’s needs met under one policy and at a significantly reduced premium, the right to manage company then requested a quotation for a Lift Inspection Policy and Property Insurance Centre were able to offer this at an additional £250. 

Property Insurance Centre were able to provide all the cover Mr Arif and his leaseholders required at a lower premium and most importantly, the cover provided met not only their needs but the optional extras they preferred to have.  If you are looking for the best landlord insurance in the UK give us a call on 0800 085 3761.

Example 2 – Converted Flats Insurance

Mr Simmons had been with his previous insurance broker for more than 20 years and felt that he should remain loyal to his provider.  He is a joint freeholder with three flats in a converted house in South East London.  Despite having no previous claims in 20 years, his renewal premium had continued to rise each year and last year his renewal premium increased by 20% to over £1,500 for a building with a rebuild estimate of £700,000.

Mr Simmons searched online and realised that the best cover and pricing was not always available on comparison websites, so he completed our online form and his personalised quotation was emailed to him within minutes.  As a new customer with no previous claims, we were able to reduce his renewal premium to £514 with far superior cover including legal expenses cover up to £100,000, full accidental damage and alternative accommodation cover as standard.  The new insurance provider was one of the UK’s largest insurers and due to their long-established relationship with Property Insurance Centre, they always provide excellent premiums to our clients.

Example 3 – Combination of mixed owners and mixed use

Mr Jones is a director of a Limited Company with responsibility for insuring a block of flats insurance in North London.  The block has five flats in a converted house from the Victorian era.  With two owner occupied flats on long leases and three tenants, Mr Jones had to ensure that all their different needs were met so he filled out the user friendly online form on the Property Insurance Centre website and his quotation was returned in minutes.  At only £467 the quoted premium was a saving of £300 from the previous provider and the level of cover was far superior as Property Insurance Centre include various levels of cover as standard when there are often additional charges for these with other providers. 

The quotation provided included loss of rental income as standard.  This was of vital importance to the owners as the tenants rented the flats on renewable six month tenancy agreements and the monthly rental income was relied upon so needed to be covered if the property was uninhabitable following an incident.  The quotation also covered alternative accommodation cover as this was important to the owner occupiers to ensure they could be rehoused if required.  As there was communal contents within the building, £10,000 cover for damage to communal items such as the carpets, furniture and decorative items in the hallways and stairwells was included at no additional cost.

Getting the right cover at the right price is important. However, due to the current climate we feel it is important that you also check your Fire Safety procedures whilst the Block of Flats is in your mind! Why not review them annually along with your insurance renewal, if you are a Landlord or Management Agent? It is important that you get into this habit. You can read this Block of Flats Fire Safety Guide for some information. Always check with your local Fire Safety Officer for tips and advice. This guide is to provide you with some practical tips that you may want to consider and further analyse, but is by no means a complete guide. National Guidance on Fire Safety can be obtained from your local government website.

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Why choose the Property Insurance Centre

Independent advice by approachable staff online or by phone

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

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