TOP TIP – Keep your Fire Safety Procedures in Flats up to date. This can often get you discounts. Take a look at this Fire Safety Information which may help in lowering your insurance premium!
DOES MIXED OWNERSHIP OR MIXED USE OF THE BUILDING MEAN WE NEED TO TAKE OUT DIFFERENT POLICIES?
No – mixed ownership or use by lots of different people or businesses doesn’t make taking out your insurance more challenging. We understand that the needs of all the owners and occupiers needs to be covered, so we just need to make sure we know who is using the building and for what purpose to make sure they are included in your cover. If you have owner occupiers on a long term lets, tenants or a combination, you need to include cover for each of their needs such as alternative accommodation for owner occupiers and cover for rental payments for tenants. The use of the building can also affect your premium, so if you have businesses within your building you need to know the type of work they are carrying out on the premises..
WHAT COVER DOES A RESIDENTS ASSOCIATION NEED?
Resident’s Associations should have public liability insurance to cover the communal areas which the association looks after. This is to ensure that if someone has an accident in one of these areas there is insurance to cover any claims for negligence and avoids any member of the Residents Association being held personally liable.
WHAT ABOUT DIFFERENT TYPES OF PROPERTY?
If you own or look after different types of flats and maybe other types of property as well, this doesn’t mean you need lots of different policies – we can arrange a portfolio policy to cover all your buildings. Whether your premises were purpose built or converted or are small, large or includes multiple blocks, we can find a policy that suits your needs. Scale is not an issue either – we can provide cover for anything from a single building with two flats to a multi flat complex.
WHAT TYPE OF COVER DO I NEED AN HOW MUCH?
Your block of flats insurance policy needs to have the right cover. We will need to discuss the value you want to declare for the building which should be the cost of rebuilding it if the worst happens and the building is destroyed. We will then explore what other types of cover you need to agree what is needed, optional or not required. From cover for fire, flood, subsidence, legal expenses, loss of rent or alternative accommodation, we can obtain estimates and then agree what you would like to include in your policy.
DO I NEED TERRORISM COVER FOR MY BLOCK OF FLATS?
While you don’t have to have terrorism cover, it is not included as standard on most policies but is available as an optional extra from £50 so can be easily added to any policy.
WHAT IF THERE HAS BEEN A PREVIOUS CLAIM ON MY BUILDING?
If there has been a previous claim, we just need to know when the claim was made, what it was for and how much was claimed. We will need to explain this to the insurance provider when we are discussing cover and your block of flats insurance cost may have an increment to reflect the claim but it will not prevent you from taking out a new policy with a new provider.
So for the right cover at the right price, talk to the team at Property Insurance Centre on 0800 085 3761. We are the expert insurance brokers if you want a competitive block of flats insurance Quote. Here are a few examples of how we have helped our clients save money and ensure they get the best cover.