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 insurance options for different types of flat owners can be daunting. Here, block of flats insurance experts, Flats Direct break down the different kinds of insurance you may need.


Do I need building insurance?

Building insurance 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. Building insurance is a necessary requirement for mortgage lenders, even though your property is part of a whole block. If you don’t have a mortgage and wholly own your flat, building insurance cover 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 block of flats insurance company. Leaseholders customarily contribute to building cover, often covered 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 their building cover insurance policy. If you have any questions, contact your block management company for more information.­

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What is the difference between building insurance and contents insurance?

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


Want more information about block management and block building insurance? Call our experts at Flats Direct today on 0800 7316242 or 0122 862600 or get your free block of flats insurance online quote on our website.