Choosing the right insurance for your block of flats can be a confusing process. Which is the best policy for both you and the other leaseholders? Where do you find the best price? What does all the terminology in the small print mean? Here’s why seeking the services of a specialist block of flats insurance broker may be the best solution for you.
Specialist insurance brokers are experienced professionals who act on your behalf. Their job is to learn your needs and provide you with the best insurance policy to suit your requirements. Most block of flat insurance brokers will have up-to-date knowledge of the industry and years of experience offering expert advice. Insurance brokers also have the expertise to provide cover for areas that you might not have yet considered.
As of 2005, all insurance brokers in the UK must be regulated by the Financial Conduct Authority. The FCA regulates and supervises over 50,000 legal services and insurance firms in the UK. If you are worried about security, an FCA authorised insurance broker is a safe option. Benefits of an FCA authorised block of flats insurance broker includes:
• You can address any complaints directly to the FCA
• Your money is kept safe in an 'insurance broking account'
• Your broker’s solvency and working capital must be reported to the FCA
• Your selected broker will have years of experience and a duty of care to you.
If you are unsure if your broker is regulated by the FCA, you can check their financial services register.
Most traditional insurance companies will run your insurance through numerous parties, including freeholders, managing agents or brokers. Each of these parties may even take some of the premium as a commission. But specialist block of flat insurance brokers, Flats Direct, cut out the middle man. We will find the best terms to suit you directly from a variety of insurance companies. We don’t pay commission, so you can get the best rates.
We protect Directors and Officers against claims for financial losses by residents or third parties with Directors and Officers insurance. Find out more by calling our team on 0800 7316242 or completing our block of flats insurance online quote.