What Flats Insurance Covers Are There?
If you are a block of flats owner, the prospect of finding comprehensive property risk management and flats insurance can be quite daunting. There are a lot of different things to cover. From lift maintenance to loss of rent, you will want to know you are protected no matter what life throws your way.
Our expert team at Flats Direct can help you discuss your options. Below we have put together a brief list of flats insurance covers that you can include in your policy.
Building Insurance For Blocks Of Flats
This is the most common and most necessary cover. Building insurance for blocks of flats protects you against damage to the structure of your property and any extra permanent fixtures and fittings. In the unfortunate case of a fire, flood or storm, this flats insurance policy will help you to pay for repairs after the event.
When owning a large block of flats, it is likely that there will be a lift or other machinery that is crucial to day-to-day life. Engineering breakdown can be added to your flats insurance policy. This will cover you in the instance that the machinery becomes damaged or faulty. This is especially important for property risk management as if machinery breaks whilst your tenants are using it then they could make a claim against you. It’s important to remember that machinery will need inspecting regularly too.
Although a scary prospect, it is a good idea to minimise losses if there is any terrorist activity. Insurance for flats can have multiple aspects of cover. Therefore, if your building is in a higher risk area, terrorism insurance may be an important addition for you. As chartered building insurance brokers, we can help you get the right level of cover to suit you. Simply speak to one of our advisors today for further guidance.
Loss of Rent Insurance
If you cannot rent out your property due to an insured event, such as repairs after a fire, then you may be able to fall back on loss of rent insurance. This is not included as standard in buildings insurance for blocks of flats, so you will definitely want to consider adding this to your policy.
Directors and Officer’s Liability Insurance
If you are not the owner of the flats but are involved in a Residents Association, then you may want to get Directors and Officer’s Liability Insurance. This will protect you if a decision you make, whether that’s on maintenance or a noise dispute, is the centre of a claim against you. So even if you don’t own the building, you will have the financial security of a flats insurance policy should you go to court.
Landlords’ insurance is a broad term, covering a number of the potential claims discussed here. It is important that you get a comprehensive policy to protect you in the event of damage to your property or a financial loss.
Public Liability Insurance
Alongside a good property risk management plan, it is imperative to include public liability within your flats insurance package. This will be used if a tenant or visitor takes you to court due to an accident on your property. Public liability cover is an important insurance for block of flats owners. It offers protection from financial losses incurred from legal fees.
When looking into insurance for flats, it is important to remember the items that are in them. If you offer furnished flats or even have communal areas, you may need to include landlords contents insurance. In the event of your property or contents being damaged, you can rely on your cover to put things right. Remember, this will not cover any items that belong to your tenants.
Receive A Comprehensive Cover Today
Claims can happen at any time, on properties big and small. With all of these policies to bare in mind, as a landlord, you should take the time to consider which are the right types of block of flats insurance for you.
At Flats Direct, we provide quality advice for property managers and can find you the right cover at a great price. As respected building insurance brokers, we are happy to discuss the level of cover you need. For a tailored quote, contact us and speak to one of our team. You can call us on 0800 731 6242 or email firstname.lastname@example.org to learn more about the insurance for blocks of flats there are available.