Blocks of Flats Insurance
What is Blocks of Flats Insurance?
If you own or manage a block of flats, you will need specialist insurance because standard buildings insurance policies won’t provide adequate cover. A block policy will provide cover for the whole building, internal and external communal areas, any lifts (a separate inspection policy will be required for lifts), property owners liability and employers liability. It will provide cover for all major risks such as fire, storm, flood and leaks (burst pipes). If there is a lift in the building you will also require lift inspection cover.
A Blocks of Flats insurance policy can provide cover for a house converted into just two flats or a large block with many individual flats.
What can Blocks of Flat Insurance Cover?
- Buildings: Cover for rebuilding/repairing damage to building
- Contents: Cover for contents in common areas such as fitted carpets.
- Accidental Damage
- Malicious Damage: Caused by tenants
- Inflation protection
- Trace and access of leaks: In service pipes.
- Alternative accommodation and/or loss of rent
- Outbuildings: Such as garages, communal gardens and grounds.
- One excess per incident: If damage affects several flats you are liable for only one excess per total claim.
- Replacement keys: including keys to communal entrances.
- Employers Liability: to cover anyone working in communal areas
- Property owner’s Liability: cover if a third party (tenant or visitors) are injured as a result of your negligence
- Insured perils: Can include; escape of water, flood, burst pipes, fire, storm, subsidence, impact, lightning, explosion, malicious damage, or terrorism
What else do I need?
What is covered inside my flat?
Block insurance will provide cover for damage to fixtures and fittings including kitchens, bathrooms, wooden flooring and any fitted wardrobes. Any contents, furniture, carpets or items that aren’t fixed will need to be covered by a separate contents only policy. This is the responsibility of the individual flat owner or tenant.
How do I know what amount I should insure my block for?
A valuation by a RICS qualified professional is the best way to make sure you are adequately insured. We can help with this from as little as £160.
How much does Blocks of Flats insurance cost?
There isn’t a set price. The cost is dependent on factors such as the size, construction, rebuild cost, claims history, occupancy, and how well the block is looked after.
Types of properties we can cover
- Purpose built flats
- Converted flats
- Apartment blocks
- Let to Professionals
- Student flats
- DSS (direct agreement between landlord and tenant)
- Single flats
- Landlords contents only
- Mixed use blocks – residential with some commercial units