What should you do when buying insurance for flats?
Always look for the best deal and an insurance broker will almost certainly give you one if you ask for it! Make sure you are covered for all standard events and make sure your excess is not excessive. One of the most common issues on flats insurance policies is that the excess for escape of water is so high, that making a claim will more likely cost you direct or indirectly through higher management agency fees for example. Some block of flats insurance excesses are £10,000 for escape of water claims. If your insurer offers you a policy with this excess, then make sure you shop around. Property Insurance Centre have a large panel of insurers that can facilitate flats insurance policies with previous claims, so it is more than likely we can find a policy with a much lower excess for escape of water.
What should you not do when buying insurance for flats?
Looking for the best deal should never mean you look for an inferior policy. Those risks that you faced when finances were plenty are exactly the same risks you will face today. Popular additions to a standard policy may include the likes of:
Directors & Officers – especially important for management agents of large blocks of flats
Machinery Breakdown – important again for large blocks of flats with lifts for example
Loss of Rent and/or Alternative Accommodation
If you have these levels of cover, do not start and remove them if things seem a little tighter. Instead make sure you ask for a better price from your existing insurer or get another broker to quote for the same.
Property Insurance Centre has provided insurance for flats for many years and are property owner insurance specialists. We can provide insurance for all of the above and also include the likes of:
Employers Liability up to £10,000,000
Property Owners Liability up to £10,000,000
These increased levels of liability are often required by large blocks of flats. – and yes, we recommend you keep those levels of liability if you currently have them on your existing policy. Never reduce your liability cover! Whether it’s a small house converted to flats policy or purpose built multi-million pound blocks of flats, we insure them. Why not give us a call to discuss or fill in our online for a price indication.