Buying Blocks of Flats Insurance in London: Key Risks and Costs
When it comes to buying blocks of flats insurance in London, the market is becoming more complex for a number of reasons. In London, block of flats insurance comes with unique challenges and considerations compared to the rest of the UK.
There are articles in the media that illustrate some of these issues. For example, This Is Money journalist, Ed Magnus, wrote a piece in 2024, entitled, “Plaster fell off our leasehold block of flats: The council says it’s dangerous, can we force the freeholder to fix it?”
Plus, of course, the issue of home insurance and block of flats insurance costs, which in the UK increased by 21% year-on-year between July and September 2024, according to a report from Compare the Market.
Here’s what makes blocks of flats insurance in London different:
1. Higher Property Values and Rebuild Costs
- London property prices are significantly higher than the national average, which means higher rebuild costs and, consequently, higher insurance premiums.
- Many insurers require more detailed valuations and risk assessments due to the higher sums insured.
2. Greater Risk of Fire and Cladding Issues
- Following Grenfell Tower, insurers are more cautious about buildings with cladding, especially in London, where many high-rises have fire safety concerns.
- Buildings with EWS1 (External Wall System) certificates might have an easier time securing cover, but properties without them could face high premiums or refusals.
3. Increased Flooding and Climate Risk
- Parts of London, particularly areas near the Thames, are at a higher risk of surface water flooding due to urbanisation and outdated drainage systems.
- Some insurers might impose higher excesses or refuse coverage in high-risk flood zones.
4. Higher Crime Rates and Security Concerns
- London experiences more burglary, vandalism, and theft claims compared to rural or suburban areas.
- Insurers often require extra security measures like CCTV, secure entry systems, and alarm monitoring.
5. More Complex Leasehold and Freehold Structures
- Many London flats operate under complex leasehold/freehold structures, which can make it harder to determine who is responsible for arranging insurance.
- Insurers may need clarity on landlords, management companies, and leaseholder responsibilities before offering cover.
6. Greater Risk of Unoccupied Properties
- London has a higher number of buy-to-let and overseas-owned properties, many of which remain vacant for long periods.
- Unoccupied flats pose risks like water damage and squatting, which insurers consider when pricing policies.
7. Specialist and High-Net-Worth Cover
- Many blocks in London, especially in prime areas like Kensington or Mayfair, require high-value home insurance tailored to luxury properties.
- Insurers may include bespoke policies covering artwork, listed building requirements, or concierge services.
8. Strict Building Regulations and Compliance
- The Greater London Authority (GLA) imposes tighter regulations around sustainability, energy efficiency, and fire safety, which can impact insurance requirements.
- Blocks that don’t meet modern standards might struggle to find affordable cover.
If you are based in the Manchester area, please check out our feature about block of flats insurance in Manchester.
Quick Audio Overview for Blocks of Flats Insurance
If you’re insuring a block of flats in London, it’s best to work with a specialist broker who understands the city’s unique risks. Factors like cladding, security, flooding, and high rebuild costs make it a different market compared to other parts of the UK. We have worked with clients with blocks of flats in London for decades now. Be sure to check out our informative page on blocks of flats insurance here. Plus, get a quote from us via that page. We are not a call centre and work with up to 5 providers to find the best cover and cost for your needs.
And on the top of that page there is a brief audio overview about block of flats insurance. Letting you give your eyes a break!!
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.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
Get In Touch:
[contact-form-7 id="12585" title="New Callback"]We accept most payment types including:
UK Call Handlers & Dedicated New Business Team
Call Us on 0800 085 3761
Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.
Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective.
The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks.
His in-depth knowledge of various methods of construction has enabled him to easily identify which insurer’s underwriting criteria would best fit each client’s needs and provide the correct levels of cover.
Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.
He is a member of the Chartered Insurance Institute (CII) and qualified to Level 3 with the CII.
As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6).
As a condition of CII membership, Robert continues his professional development by keeping abreast of the latest industry developments.
Contents
- 1 Buying Blocks of Flats Insurance in London: Key Risks and Costs
- 2
- 3 Insurance under one roof
- 4 We are specialists in many types of insurance
- 5 Here’s what makes blocks of flats insurance in London different:
- 6 1. Higher Property Values and Rebuild Costs
- 7 2. Greater Risk of Fire and Cladding Issues
- 8 3. Increased Flooding and Climate Risk
- 9 4. Higher Crime Rates and Security Concerns
- 10 5. More Complex Leasehold and Freehold Structures
- 11 6. Greater Risk of Unoccupied Properties
- 12 7. Specialist and High-Net-Worth Cover
- 13 8. Strict Building Regulations and Compliance
- 14 Quick Audio Overview for Blocks of Flats Insurance
- 15 And on the top of that page there is a brief audio overview about block of flats insurance. Letting you give your eyes a break!!
- 16 Block of Flats
- 17 Unoccupied
- 18 Home Insurance
- 19 Residential Landlord
- 20 Land Liability
- 21 Commercial Property
- 22 Lockup Garage
- 23 Restaurant
- 24 Takeaway
- 25 Classic Car
- 26 Mixed Use
- 27 Tradesmen
- 28 Why choose the Property Insurance Centre
- 29 Independent advice by approachable staff online or by phone
- 30 Access to a wide range of insurers to source suitable insurance cover for your needs
- 31 Bespoke Insurance Schemes & Portfolio Policies available
- 32 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 33 Competitive Premiums
- 34 Cover available for the buildings while the property is being converted, renovated or extended
- 35 Over 40 years experience working with the best insurers in the UK
- 36 Excellent communication so that you understand what risks you are insured against
- 37 Why choose the Property Insurance Centre
- 38 Independent broker with staff you can speak to by phone or online
- 39 Access to a wide range of insurers to source suitable insurance cover for your needs
- 40 Bespoke Insurance Schemes & Portfolio Policies available
- 41 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 42 Competitive Premiums
- 43 Cover available for the buildings while the property is being converted, renovated or extended
- 44 Over 40 years experience working with the best insurers in the UK
- 45 Excellent communication so that you understand what risks you are insured against
- 46 Why choose the Property Insurance Centre
- 47 Independent broker with staff you can speak to by phone or online
- 48 Access to a wide range of insurers to source suitable insurance cover for your needs
- 49 Bespoke Insurance Schemes & Portfolio Policies available
- 50 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 51 Competitive Premiums
- 52 Cover available for the buildings while the property is being converted, renovated or extended
- 53 Over 40 years experience working with the best insurers in the UK
- 54 Excellent communication so that you understand what risks you are insured against
- 55 Specialists in Commercial & Residential Insurance
- 56 Get In Touch:
- 57 We accept most payment types including:
- 58 UK Call Handlers & Dedicated New Business Team
- 59 Call Us on 0800 085 3761
- 60 Robert Fisher
