Block of Flats Insurance

Will provide you with legal advice with a 24 hour helpline as well as cover for legal costs.

Decisions you make, whether as a director or an officer of a business, can resurface months or even years later in the shape of a personal claim against you. D&O insurance can help protect your personal assets in the event of legal action.

Every business and individual is at risk from terrorist attacks, and not just in capital cities. A lone terrorist, armed only with one car or handheld weapon, can cause widespread injury and property damage.

How much you pay for block of flats insurance can depend on several factors, such as:

• Geographical area: Properties in areas prone to natural disasters (e.g., flooding, storms) or high crime rates may have higher premiums
• Local building costs: Areas with higher construction and labour costs can increase insurance premiums because of added rebuilding expenses
• Size and number of units: Larger blocks with more flats usually have higher premiums due to the increased risk and potential cost of claims
• Age and condition: Older buildings or those in poor condition may require higher premiums because they may be more susceptible to damage and expensive to repair
• Building type: Purpose-built blocks, converted properties, and listed buildings have different risk profiles and associated costs
• Level of coverage: Higher coverage limits and additional optional coverages (e.g., higher liability limits, comprehensive contents insurance) can increase premiums
• Excess amount: Choosing a higher excess (deductible) can lower premiums, while a lower excess can increase them
• Tenant type: Properties with professional tenants may attract lower premiums than those with students or short-term lets, which can be considered higher risk
• Vacancy rate: Blocks with higher occupancy rates may have lower premiums than those with high vacancy rates, which can increase the risk of damage or vandalism
• Security features: Properties with robust security measures (e.g. CCTV, secure entry systems, and alarms) can benefit from lower premiums due to reduced risk of theft and vandalism
• Previous claims: A history of frequent or extensive claims can increase premiums, indicating a higher risk to the insurer

It’s not a legal requirement, but many property owners, including leaseholders who own flats and apartments, choose to take out buildings insurance to cover themselves against the cost of repairing damage to the building following an insured loss. It’s usually a requirement of your mortgage lender that you adequately insure the building and without evidence of insurance, you may be unlikely to get a mortgage.

The lease will stipulate who must insure the building. This normally states it is the freeholder’s responsibility, who will arrange the insurance and then include the cost in the service charge. However, many leaseholders do combine and form a Right to Manage (RTM) company or Residential Management Company (RMC). As part of this, they can elect to arrange the insurance themselves in the company name.

If you're a director or officer of a right-to-manage or residents' association, you can be held legally liable for mistakes or oversights in the running of your company or association, even if you're a volunteer and not being paid. This could expose you to personal financial loss, which could be substantial. A directors and officers insurance policy can help protect you from this loss.