What Is Block of Flats Insurance, And Why Might You Need It?

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 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?

Depending on your circumstances: whether you’re a landlord, freeholder or leaseholder, block of flats insurance could prove more beneficial to you than standard buildings insurance.

Here’s a look at block of flats insurance and why you might need it.

More cover than standard buildings insurance

Standard buildings insurance will cover your property should costs be incurred for repairing or rebuilding due to an insured event specified in your insurance policy. This typically includes damage caused by:

• flood
• fire
• burglary
• storms
• subsidence
• lightning strikes
• falling trees and branches

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 insurance will also cover outbuildings such as garden sheds, garden houses, pergolas, garages and even greenhouses.

However…
If you live in a block of flats, standard buildings insurance may not cover areas such as:

• Communal areas, hallways, stairs, landings, gardens
• Shared contents such as communal equipment or furniture
• Property owner’s liability outside of your flat

Specialist block of flats insurance 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.

Who needs Block of Flats Insurance?

Just like standard buildings insurance, block of flats insurance isn’t a requirement by law. However, it can be particularly beneficial to:

• Freeholders who own the entire building then rent out individual flats within the building
• The property management company looking after the block of flats
• Flat leaseholders who club together and decide to pay for blocks of flats insurance between them
• Property developers and portfolio investors with a range of properties

What can Block of Flats Insurance cover?

• Damage to the building caused by insured events such as flood, fire, storms, subsidence, vandalism and theft or attempted theft
• Trace and access costs of finding and repairing leaking pipes
• Communal areas such as outbuildings, hallways, lifts, stairs and gardens
• Property owner’s liability to cover costs for claims made by someone who is injured in the block of flats insured
• Employer’s liability to cover anyone employed to maintain the communal areas

Ilnsure365, landlords insurance specialists, can provide competitive Block of Flats insurance 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.