One of the areas in the property insurance industry that we specialise in is the arrangement of insurance for Block of Flats, more commonly referred to as Block Insurance.
Block insurance is the most efficient and cost effective way to insure a property that’s divided up into flats, whether it be 2 flats or 200 flats, purpose built or conversion, insuring under a block should be the only alternative in ensuring your property is complete covered should disaster strike.
It is truly worrying that even today we still receive inquiries from clients wishing to insure the buildings of a single flat within a block oppose to insuring on a block. This is not out of negligence, more so because the freeholders have not been properly educated on the risks of not insuring their respective flat on a block insurance policy.
When insuring your flats individually, whether you let it or occupy, should a claim arise for a peril such as a burst pipe between two flats, and let’s say for arguments sake both flats are insured via two separate insurers – there would be a long drawn out process of disputes and correspondences attempting to identify who is liable for relevant damages, and of course insures in this instance are likely to pass this onto the other insurer.
This is of course only one potential scenario of what could go wrong, but if you ponder various alternatives the conclusion is likely to be as aforementioned – All can be avoided when acquiring a Block Insurance policy.
Aside the swift claim process, additional benefits are pricing, and coverage – given that what you are insuring is various different accommodations in one policy insurers give what can only describe as a “bulk” premium much much cheaper than you are likely to achieve insuring individually, and not only that but in addition the coverage is inflated, to included benefits such as loss of rent, public liability, trace and access, loss of keys and much more (speak to a member of our staff for a list of block insurance policy benefits).
All sound good so far? But there’s one problem? Not all the flats are owned by the same person? Some are let by the flat owner, and some are owner occupied?
A common worry – but the resolution is simple, as long as the freeholders can come together mutually and say, designate one individual to collate the relevant details, the block policy can be drawn up noting all freeholder’s names, and combine all into one manageable policy, no matter how the flats are occupied.
If you already have a block insurance policy running and are looking for alternative quotations then look no further. We have over 20 specialist block of flats insurance underwriters on our panel who provide us with tailor made policies exclusively to us.
So for all your block insurance (or block of flats insurance !) needs, speak to the team today.
