Block of Flats Insurance - a Communal Problem

A couple of weeks ago we published a post on landlord insurance – featuring advice for homeowners keen to take a lodger to beat the "bedroom tax".

But what about landlords at the opposite end of the spectrum – those that own vast apartment blocks or blocks of flats? Is a similar landlord insurance policy sufficient for them too?

In almost every case the answer is no; the individuals, residents associations and management companies that own and run these housing blocks can only properly protect their properties with specialist block of flats insurance.

Block of flats insurance covers a host of liabilities that protect the owner against claims from residents or the general public. Moreover, it protects the properties and their residents against the vast array of ways in which damage (and consequently repair costs) might be incurred.

For example, some block of flats insurance policies provide cover for the removal of bees and wasps nests, and even for damage to communal gardens caused by the emergency services. Talk about specific!

The vast scope of these policies doesn’t just provide peace of mind for the freeholder of the premises or their managing agents – it also makes life easier for tenants and leasehold owners of the individual flats or apartments.

Where a house owner would need to buy insurance cover for buildings as well as contents, leasehold flat owners will often find the buildings aspect already covered by the freeholder’s block policy. Your solicitor will usually be able to help you find out if that’s the case.

Whether you’re the owner or tenant of a flat, or the owner of the block itself, you’ll find more details about block of flats insurance at QuoteRack.