What Insurance Do Flat Owners Need?

Being the king of your own castle is a fantastic achievement. But with great power, comes great responsibility. The range of options for building insurance for blocks of flats can be daunting.  Whether you need flats insurance for one flat are a whole block, we can help break down the different kinds of covers available. As expert building insurance brokers, we offer tailored policies for each residential property. So, what type of cover do you need? Read on below to learn more.

Do I Need Block Buildings Insurance?

Building insurance for blocks of flats protects the bricks and mortar of your property in the event of damage. Many flat owners question if they need building cover, as their property is part of an overall building structure. However, block building insurance is a necessary requirement for mortgage lenders. This is the case even when your property is part of a whole block. If you don’t have a mortgage and wholly own your flat, block building insurance is a sound way to protect your investment.

Freeholder owners, or those part of a freehold committee, are usually required to arrange building cover insurance. If you are unsure about your property management roles, you can learn more about directors and officers’ liability insurance from your flats insurance company. Leaseholders customarily contribute to buildings cover, often included in their service charge.

As a leaseholder, you may question the cost of renewal or want some more information regarding your building cover. Leaseholders are entitled to see the details of their block buildings insurance policy. If you have any questions, contact your block management company for more information.

What is the Difference Between Block Building Insurance and Contents Insurance?

While building insurance protects the property building, contents insurance will help cover the cost for contents that are stolen, or damaged by fires or flooding. You can get landlords contents insurance for flats that covers a wide range of items. These include soft furnishings, TVs, and other household goods. Contents insurance is not a mandatory requirement but helps reassure flat owners that their possessions are safe. Whether you are a freeholder or leaseholder, you are responsible for protecting your own possessions with flats insurance.

There are also many other types of insurance that you may need depending on if you own a single flat or an entire block. If you are a landlord, contents insurance for flats will be essential. Particularly if you offer furnished flats. This will protect you if your possessions are damaged and you can’t ask the tenant to pay. You may also want to consider public liability insurance or engineering breakdown if your building has a lift and large communal areas.

Looking for more information about block building insurance? Call our experts at Flats Direct today on 0800 7316242 or  email info@flatsdirect-uk.com. You can also get your free block buildings insurance quote by submitting a form on our website.