iInsure365 arrange building insurance for blocks of flats. We understand in detail the distinct requirements for these types of properties. We arrange flat block insurance for purpose-built and converted properties, owner-occupied blocks and rented flats.
Why is iInsure365 different from a managing agent?
iInsure365 make the business of insuring a block of flats as simple, straight forward and inexpensive as possible.
Block of flats insurance is traditionally arranged through third parties. With everyone involved possibly taking a part of the premium as commission. We are completely different and we only deal direct and don’t pay commission to managing agents.
iInsure365 will get the best possible terms they can offer. Work with a huge range of insurance companies to ensure they are always competitive. Insurance companies can often change their criteria when it comes to insuring blocks of flats. We are ideally placed to ensure that we can offer the best possible cover at the most reasonable and cheap cost.
Do iInsure365 deal with managing agents direct?
No, we have made it a point not to work with managing agents. We are open and transparent with all our fees and commissions and are happy to disclose any of these at any time. Many leaseholders aren’t aware that the managing agents are making commission. This involvement can lead to an increased premium. Landlords can often add to the premium in order to increase their commission on the policies. We do not.
What is the Insurance Act of 2015?
The Insurance Act of 2015 updated the law on disclosure and misrepresentation. It now requires insured parties to disclose every circumstance they know or should know that would affect an insurance premium. An insurer needs this information to decide whether to offer a premium at all and at what price. If the insured is in breach of the duty of fair representation the insurer can cancel the policy and keep the premium paid if the breach was deliberate.
How does the Insurance Act 2015 affect leaseholders?
Part II of the Act now creates a new duty of fair presentation encouraging active rather than passive engagement by insurers. They need to now tell the insured all that they need to know as well as clarifying if necessary the information disclosed.
Also, did you know that you can ask your managing agent for confirmation of what their commission is?
Summary
We have made it our number 1 priority to ensure that clients know what they are buying and know what the law is. It is important for people to understand that they may be overpaying for their building insurance cover. The Insurance racket has been going on long enough with property management in blocks of flats and it is now time for this to change.
