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  • Jason McClean
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IF you are a landlord or management company that operates a Block of Flats then you will need specialist insurance for the whole building. This is your guide how to save money when it comes to buying this critical financial protection and how to get the best Block of Flats Insurance possible.

Size does matter

The bigger the block the more buying power you have and you can expect suppliers to fight harder for your business. Big Blocks of Flats need insurance and the price for the policy will be more than small blocks. That means insurers want your business.

Block of Flats Insurance is buildings insurance

Just because it is called Block of Flats Insurance doesn’t mean it is any different from buildings insurance. The difference is that every single one of the leasehold properties in your block will be covered under the one policy.

The entire block will have a rebuild value and that is what you need to work with and supply when looking for a price.This will typically be higher than a standard building as you need to break it down into individual units. But similarly it will be less than all the blocks if they were insuring individually. A large block with a rebuild value of £1million could have 20 flats in it.

Policy inclusions and exclusions

You have to get the exclusions clear in the policy and let your leaseholders know what they are. If you have no malicious damage cover by tenants, then they should know this. In most cases you will not have malicious damage cover as you are not vetting the tenants and that is not your responsibility.

If you have public liability insurance as part of the policy then let your landlords know. They may want more cover and need to act individually for themselves.

It’s highly unlikely you’ll have emergency cover included, but if you do then you can certainly charge more for your management fees. That may be a hard sell to all landlords as they may or may not want it included so most block owners will avoid for an easy life. Sometimes good service is not always welcomed.

Contents Insurance

Block of Flats Insurance covers the buildings only. It will not insure the contents of the various flats, that is up to the tenants and leaseholders.

How to buy Block of Flats Insurance

Go to The Property Insurer and click on the Block of Flats Insurance button. There is a quick quote form that takes about two minutes to complete. It’s as simple as that.

Jason McClean

Block of Flats Insurance

Save money on Block of Flats Insurance

I am a director of the Property Insurer and Property Landlord. We tell it how it really is. Yes property insurance can be boring , but our job is to make it more interesting, useful and above all save you money!