When managing a block of flats, unexpected incidents can be cause for concern, especially when it comes to insurance claims. At Glowsure, we understand the apprehensions that property owners may face in the unfortunate event of making an insurance claim.
When making an insurance claim, following these simple steps can help make the task seem less daunting:
- Notify your block insurance provider as soon as possible
- Gather all relevant documents, including photos, quotes and incident reports
- Submit your claim with the required documentation
In this blog, we explore the perplexing world of block of flats insurance claims. We’ll be by your side to walk you through the claims process step-by-step and help you determine whether making a claim is worth your time and resources.
What is block of flats insurance?
Block of flats insurance is a specific type of building insurance covering multiple residential units within one building. While this type of insurance can vary, the ultimate purpose is to provide protection against damages to the building structure and common areas and provide liability cover for block of flats property owners.
If there is a lift in the building, you will also require engineering inspection insurance, which is a legal requirement.
This type of insurance is usually arranged by the freeholder of the block, a Residential Management Company (RMC), A Right to Manage Company (RTM), a member of a Residents Association or simply a leaseholder or resident of the block who has agreed to arrange the insurance.
Should you always claim insurance cover for a block of flats?
If you are a landlord or residential management company deciding whether it’s actually worth making a claim on your block of flats insurance, then you’ll need to consider a few things.
- Is there an excess amount to pay for the claim?
- Will your insurance premium increase after making a claim and by how much?
- Are you covered for this particular type of incident?
Understanding what your block insurance policy actually covers and how much liability you hold for specific incidents can really help save you money and stress in the event of making a claim.
Who pays the excess on an insurance claim in a block of flats?
The responsibility for paying the excess on an insurance claim for a block of flats is down to the type of insurance cover you have and the damage caused.
Usually, you will only have to pay the excess on your flat insurance policy when making a claim for your own damage. If the damage is caused by someone else’s fault or a complete accident, then the lease should determine who is liable to pay the excess. You can find exactly what excess you owe in your insurance policy documents, and is usually deducted from the first payment for the claim.
At Glowsure, we support clients with every step of making an insurance claim on a block of flats insurance policy. Contact us today to find out how we can help you find the best block insurance for your needs.
Will my flat’s building insurance go up if I make a claim?
As frustrating as it can be, most building insurance policies will increase if you have to make a claim, as you become more of a risk to the insurance provider. This is why it is important to find the most affordable insurance for you that still provides good coverage.
How to claim block of flats insurance successfully
As building owners, we understand you’ll want a smooth and successful insurance claim process. Take a look at the 6 steps we advise when making a block of flats insurance claim.
1) Contact your insurance provider
Getting in touch with your insurance provider is one of the absolute first things you should do when making an insurance claim. It gets the ball rolling so you can repair your damage quickly and shows reliability to the insurance provider.
2) Review your insurance policy
While you should already be aware of exactly what your insurance policy covers, reviewing it and understanding what is involved will help you make a quick and successful claim if needed.
3) Assess the damage and gather documents
Gather all relevant documents, including photos and videos of any damage caused, quotes related to the claim and the time and date of the incident. This helps increase the likelihood of a successful claim, as you can provide the insurer with the most accurate information.
We hope this isn’t required, but in situations where you may need to contact the police or local authorities, you should do so as soon as possible.
5) Complete the necessary paperwork
Submit a complete claim with the supporting documents required. Your building insurance provider will then review the claim and may request additional documentation where necessary.
6) Review the claims settlement offer
Once your insurer has accepted your claim, they will issue a settlement offer to cover the costs of the damage. It is important to review this offer carefully to ensure it covers all necessary repairs.
Get the right level of cover to protect your flat with Glowsure
At Glowsure, we are helping blocks of flats building owners get the right building insurance for the right price. You can rely on us to ensure you are fully insured at the right value to protect you, your building and your tenants at all costs.
As a landlord or leaseholder, you hold a lot of responsibility for the livelihood and well-being of your tenants or fellow flat owners. Having the appropriate buildings insurance cover that protects all areas of your block of flats is essential.
But, when it comes to making a claim on your block of flats buildings insurance, is it really worth it?
Before making any big decisions, you should weigh up the pros and cons of making a claim. Of course, if it is an urgent and serious matter, then the likelihood is that you should make the claim as soon as possible to prevent further catastrophe.
Tips for making a claim on your block of flats building insurance
- Make sure your insurance policy covers the incident
- Compare the repair costs to the claim amount
- Avoid making frequent claims for minor issues
- Consider potential future needs and costs involved
- Speak to your insurance cover provider
Contact us at Glowsure to find out more!