This is usually the job for a property management company or a committee for the block. Dependent on the size of the block of flats it is crucial to find the right insurer who will cover all of your needs. Insuring a block of flats should be pretty straight forward, but there are a few minefields which certain brokers will leave out.
Have you included Employers Liability insurance for any staff full or part time you might have on board. Have you got cover for public liability? What happens if someone is injured or something gets damage as a result of the block, are you covered? Director’s and officers insurance to protect members of the committee and decisions that are made. Communal contents , what happens if there is a fire and the communal contents gets severely damaged … this is a separate cover, has this been included ?
Making sure all parties are aware of the tenant type inside the flats. What happens if 10 flats are let to the council and they have allowed any tenant type to occupy i.e. drug/drink offenders / arsonists/DSS etc etc.
As you can see there are plenty of areas to slip up. It might seem straight forward, but like anything nowadays they is no point in cutting corners as claims do happen.
What we cover when arranging insurance for a block of flats :
- Buildings Insurance – index linked
- Communal Contents
- Subsidence
- Communal contents
- Public and employers Liability
- All tenant types
- Directors and officers
- Terrorism
For us at Goldcrest the larger the insurance for a block of flats the better, as it gives us a chance to really show what we can really do when it comes to helping out with premium. Remember with the money we can save you, that can be put towards keeping the block in top nick.
