When you own a house, buildings insurance is relatively straightforward and simple. Your premium covers the structure of the property, and any outbuildings such as sheds and garages against the costs of damage for insured reasons set out by your block of flats insurance company.
But what if you live in a block of flats? Do you insure just your portion, or should you also take into consideration the entire property?
Here’s a look at it and why you might need it.
Standard buildings insurance will cover your property should costs be incurred for repairing or rebuilding due to an sum insured event specified in your insurance policy. This typically includes damage caused by:
Most standard buildings insurance policies will also include damage to the building caused by leaks, faulty electrics, an electrical fire, burst water pipes. In most cases, buildings & block insurance will also cover outbuildings such as garden sheds, garden houses, pergolas, garages, loss of rent and even greenhouses.
If you live in a block of flats, standard buildings insurance may not cover areas such as:
Specialist covers all areas important to you and fellow residents in the block. It will give you the extra peace of mind you need and provide a more comprehensive cover than standard buildings insurance.
Just like standard buildings insurance, It isn’t a requirement by law. However, it can be particularly beneficial to:
Ilnsure365, landlords insurance specialists, can provide competitive buildings insurance for flats cover to suit your needs, including discounts for multiple properties. Whether you need insurance for a converted block, a purpose built property, or an entire portfolio of properties, we’ll find the right cover for you. Request a call back for a member of the team to discuss our policies with you.
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