Block of Flats Insurance
Compare block of flats insurance quotes to find the best insurance deals for protecting multi-dwelling properties.
What is Block of Flats Insurance?
Block of flats insurance, sometimes referred to as ‘block insurance’ combines a number of different types of insurance that protects owners’ of properties that contains more than one rented dwelling.
This can include a block of residential properties, such as a block of apartments, a block of commercial properties, or a combination of both.
Who is Block of Flats Insurance for?
- Managing Agents
- Leaseholders
- Member(s) of a Residents Association
- Director(s) of a Right to Manage Company (RTM)
- Director(s) of a Residential Management Company (RMC)
Is Block of Flats Insurance a requirement?
Landlords are not legally obligated to have block of flats insurance in place, however, without an insurance policy in place you will be liable to pay the full costs in the event of damage or destruction. These costs can be extensive, so it’s always worth considering the right insurance cover.
If there is a mortgage, or other form of finance, on the block, there may be a stipulation in the contract that a minimum level of block insurance cover is in place, so it’s essential to check the full terms of any finance agreements tied to the block.
Without the right insurance you are also liable to cover your own solicitor’s fees and court costs in a legal dispute, which could leave you significantly out of pocket.
What does Block of Flats Insurance cover?
- Protection of the building from accidental damage, water damage, fire and theft.
- Protection from natural disasters such as subsidence, storms and flooding.
- Damage caused by vehicle collision.
- Alternative accommodation or loss of rent.
- Employers liability to cover anyone working in communal areas.
- Single excess per claim, so if damage affects several units, you are liable for only one excess per total claim.
- Communal contents, such as fitted flooring.
- Inflation protection.
- Inclusion of outbuildings, such as garages, and communal gardens and grounds.
- Trace and access of leaks in service pipes.
What doesn't Block of Flats insurance cover?
The level of cover included within policies varies between insurances providers so it’s vital to ensure you have the right level of cover in place. Some of the key events insurers may not include as standard are as follows:
- Rent guarantee insurance provide compensation if tenants stops paying their rent.
- Landlord liability insurance to cover legal fees and provide compensation if someone has an accident or has their belongings damaged because of your property.
- Contents insurance to repair or replace items or furnishings within the building.
- Loss of rent insurance to provide compensation for lost income if tenants have to move out because of an insured event, such as a fire.
- If the property is unoccupied for more than 30 days’.
- Malicious damage cover to provide compensation for intentional damage.
- Damage or destruction arising from terrorism.
What information do I need to get a quote?
To get a quote for block of flats insurance, you’ll need the following information:
- Business name, trading address and legal status.
- Trading history, including date of registration, length of time trading.
- Details of all the blocks to be insured
- Details of activities of any commercial units within the block, if applicable
- Details of claim history (if any)
- Policy preferences, including type of cover, what options you want & policy start date.
How much does Block of Flats Insurance cost?
The cost of block of flats insurance varies depending on a range of factors. These include; the level of cover you need, the value of that cover, the nature of your work, and any risks specific to your company operations or industry amongst other factors. Businesses that are perceived as riskier will usually pay a higher policy price.
Another important factor to consider is choosing the right provider for your business insurance. The overall cost can vary dramatically between providers, even for the same or similar levels of cover, so it’s always worth comparing a number of providers to ensure you get the best deal.
