Block of flats insurance or block insurance is normally done by landlords, flat management companies or right to manage companies. Flats are designed and built in various shapes and sizes and need different insurance. Organizing quotes and buildings insurance for flats or apartments with leasehold, often known as “block insurance” or “block of flats buildings insurance” can be a daunting task. We can make it extremely easy for you.
We understand you might be a director of a residential management company, right to manage company, member of resident association or a lease holder. Or simply a resident who is trying to reduce their premium and organise the buildings insurance for your block of flats.
You will need specialist insurance. Regular buildings insurance policies will not provide you with the level of cover needed to insure complete protection. Blocks of flats insurance (also called block insurance) is designed for a range of property types, including houses converting into flats and large purpose built blocks. We can arrange a policy for you so that the property is covered.
Iinsure 365 is a specialist broker for blocks of flats insurance, and are well known for providing cover for a whole range of purpose built and converted properties. Normally, we can arrange cover on an all risk basis, covering fire, storm, flood, subsidence and escape of water. Also we can include accidental and malicious damage within the cost itself.
We offer comprehensive block insurance at competitive premiums. We work with a huge amount of household named insurers and specialist insurers to provide a range of insurance products that are specially designed for apartment blocks and blocks of flats.
What will the policy cover? There are lots of different areas which the policy will cover and the items below are a few examples;
- Cover for loss or damage of property insured including fire, accidental damage, storm, flood, and escape of water, subsidence and theft as well as many more.
- Building some insures are often indexed linked or have a day one uplift.
- Property owner’s liability.
- Cover from malicious damage caused by tenants.
- Loss of rent cover.
- Alternative accommodation.
Communal areas such as, hallways, private roads and car parks are protected. You can also receive employees liability cover for anyone hired to provide cleaning or maintenance of these areas.
There may be additional cover required such as;
- Liability protection resident association.
- Lift inspection.
- Directors and offices insurance.
These can also be provided and we can supply you with a quote.
What exclusions would there be in respect of the property?
Each individual policy is different so it is difficult to know what exclusions there would be.
There might be restrictions if the property was unoccupied. You may not be covered if there was damage to fault, limit of design, manufactural or installation. In particular, there is no cover for damage to underground services that do not work because they are worn out.
The cost of replacing any undamaged items, which form part of a set, suite or of uniform nature may not be covered.
I have never done this before how do I go about it?
We understand more than most that this can be a daunting task, it is best to call us to go through exactly what you need. We will ask for a copy of the existing policy, this is to ensure that we can give you a policy which covers your existing cover as much as is possible. No two policies are the same so obtaining a like for like cover is impossible to do. We understand the need to work closely with our clients as there are many different types of properties from single residences to large investments, blocks of flats, commercial, industrial and multi-location schedule.
We will help you through the process. Whilst we cannot give advice we are always on hand to help.
What cover do I need to arrange on behalf of the leases in a block?
You need to ensure that you have buildings cover in place. If you are renting out a unfurnished property you should also consider getting contents insurance.
Can you arrange immediate cover?
Yes, we can agree immediate cover for you, it is best to call us on 01273 827090. However, when it comes to a large block of flats it is important that we get the information correct as these buildings are often insured for vast sums of money. It is important that you call us as early as possible to let us know when your renewal is due and provide copies of the policy documents. This enables us to get to the market and get you the best possible price.
Can I have accidental damage cover?
Yes, of course. Whether your property is professionally managed or not we can add this to the policy with our providers. Some already include it within the policy but others may add it as an additional extra.
My managing agent insures the building can I still quote?
Many lease holders don’t understand the law when it comes to dealing with building insurance. Managing agents have an added interest in that often they will receive commission from their insurance broker. This isn’t always the best cover and on many occasions it is not the best price. They will try their hardest to ensure that you are unable to find a better cover at a cheaper price because they earn money out of it. They may even have to pay a proportion of the insurance over to the freeholder.
We will go into the market and find the best possible price and cover for you. We are happy to disclose our commission at any point in respect of any monies we receive for your buildings insurance.
Can I ask my managing agent for the commission that they receive from insurance?
The law that allows to ask managing agent for full details of commission that they receive for insurance. They often come up with excuses such as “the commission is there to pay for any claims” and “this is part of our management fee”. However, this is often not the case. If there has been no claims how can they charge a commission? You are entitled to know exactly the amount they receive and question it. You can go back up to 6 years and question the insurance if you believe that you have been charged a substantial amount more than you should have been. However, this is a complicated process for the leasehold valuation tribunal and you would need to employ a solicitor.
I am unhappy with my freeholder because they are charging a huge amount for insurance can I do anything about this?
You can apply to the court for a right to manage your building. We have put on this website a huge amount of articles that relates to right to manage. It is a very simple process being able to take over management of the building. You would need a solicitor to deal with this on your behalf, if you served the notices incorrectly then you are stopped from trying to manage the building for a year. We have solicitors that we can recommend to you in this regard. We find that right to manage is becoming more and more acceptable with leases taking over the day to day responsibilities to ensure that their overall costs are down.
I believe that my property is being over valued and insurance being paid is too much, can I do anything about this?
You are entitled to get your own valuation in relation to a building. It has to be provided by, or charged to surveyors to show the freeholder that they are over insuring the building. If they refuse to reduce the sum insured, and therefore the premium you are paying, you can take them to leasehold valuation tribunal to question this.
We will always advise obtaining solicitors advice in this regard. If you require recommendations please let us know.
Is there a difference between a purpose built block and a converted house for insurance purposes?
There is a huge difference in price between a converted building and a purpose built block. The insurance industry treat purpose built blocks much lower risk than they do converted buildings. You will often find that a price for a block of flats on a purpose built bases will be much cheaper than a converted property. If the property is a listed building, there will always be loading for the insurance. However, please do not hesitate to contact us on 01273 827090 and we can discuss your current requirements and see if we can save you money without compromising on cover for you.
We have been with our broker for many years why should we change?
We understand that some people are happy with their brokers and have been with them for many years. However, we often find that when we are asked to quote for a property, the brokers haven’t always gone to the market. Therefore, we are able to reduce the amount of premium without compromising on cover. Working hard every year to ensure that insurance premiums either stay the same or if they do have an increase then it’s as small as possible. We want you to be with us long term. Always going to the market to see if there is a better product out there for you at a better price, without compromising on cover.
Should I use the compare the market type websites?
Did you know that these type of websites are paid to ensure that insurance companies are on top of the list? They are not always guaranteed to be the best possible price or cover. When clients come to us with policies from other companies, we find that their cover is normally reduced heavily when they have a major discounted price. Clients often only find this out when they make a claim and they are not covered for the damage that has occurred. It is your responsibility to ensure you read through the cover and make sure you are happy with it. We would always suggest that you do this and compare it to your existing policy.
Blocks of flats insurance is a specialist market and we can provide you with a great policy, product and price. We will never guarantee to be able to beat all prices out there as we won’t compromise on cover. Ensuring that our price is the best that we can achieve and not only in the first year but every year thereafter. We take pride in the fact that our attention level with our renewals is extremely high, we work very closely with clients to make sure they have the best possible service. Why not give us a call on 01273 827090 to discuss your requirements.