Insurance for Flats

During these unprecedented times, money is tight! Probably more so than ever for many of us but that doesn’t mean you should take lesser insurance for flats if you live in a block or are responsible for its management. With the prospect of redundancies on the horizon due to business cashflow problems, furloughed employees getting 80% of their usual wage, businesses being forced to shut up for good in many cases and the recent announcement of Chancellor Rishi Sunak that we may be entering a deep recession, many of us will be tempted to skimp on luxury items we once took for granted. Although ‘tightening your belt’ is no bad thing, there are things you should not skimp on. Just remember when things get bad, there is the potential for them to get a heck of a lot worse when the next storm or flood arrives at your door.

Management agents have come under pressure from tenants & leaseholders of blocks to reduce costs on many fronts, and insurance for flats is no exception. We have heard this time and time again since lockdown began, with so much uncertainty, reducing outgoings is now high on everyone’s agenda. It may be 2020, but it feels like we are back in ’08 again…with a twist.

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We are specialists in many types of insurance

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:

Legal Expenses

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

Terrorism Insurance

Communal Contents

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.

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Residential Landlord

Land Liability

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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.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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We accept most payment types including:

UK Call Handlers & Dedicated New Business Team

Call Us on 0800 085 3761