Block of flats Insurance
Why choose Motts Insurance For Block of Flats
- Insurance Cover for residential blocks of flats in the UK
- Cover for converted houses into flats
- Cover for large purpose-built blocks of flats
- Policy can cover accidental damage, Property Owners Liability & Employers Liability
- All types of tenants inc Professionals, DSS, students, Asylum seekers and Airbnb
- Terrorism Cover available
- Competitive premiums & Expert Advice
- Fast turnaround and Instant Cover available
Insurance cover for blocks of flats
We have access to all the UK’s leading insurance companies to arrange competitive cover for residential and commercial property owners and landlords. We at Motts Insurance are experts in property owners insurance and have the ability to place virtually any type of risk and we are rarely beaten on price.
Therefore, your cover could include property damage, business interruption, loss of income including rent, accidental damage by tenants, malicious damage by tenant, theft by tenant and much more. For instance, at Motts Insurance, we can also cover non-standard risks such as unoccupied properties, DSS tenants, student accommodation, holiday homes, Airbnb, serviced apartments, and properties undergoing renovations.
Why Motts Insurance?
Firstly, with over 50 years’ experience in the landlord insurance market, Motts Insurance know that great insurance cover and price are important to our clients. Secondly, with policies designed specifically for blocks of flats and apartments, we work with leading underwriters such as NIG, Aviva, Allianz, Zurich and many more to provide the right property insurance solution for you, whether you own single property or large portfolio. In conclusion, Motts Insurance are committed to helping you reduce your costs & provide quality insurance cover to your blocks of flats.
We work with leading providers for our block of flat insurance
Your block of flat insurance cover could include the following and more:
- Residential buildings insurance for blocks of flats
- Landlords building and contents insurance
- Cover Converted houses and Converted Warehouses
- Cover for right to manage properties
- Unoccupied property insurance
- Properties undergoing renovations including structural changes
- Employer’s, public & property-owner’s liability insurance
- Serviced Apartments & holiday homes covered
- Alternative accommodation cover
- Rent Guarantee & Legal expenses cover
- Terrorism cover
Motts Insurance has developed an exclusive scheme which has been specifically designed for luxury serviced apartments.
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Block Of Flats Insurance FAQs
Firstly and generally speaking a block of flats will be insured as one building and not individual flats. This is sometimes arranged by the ground landlord, a letting agent or residential managing agent, by the flat owners themselves under a right to manage company or management association. Secondly, a block of flats insurance policy will cover the buildings, the common areas such as stairwells, entrance halls and any shared contents like carpets. This type of policy can cover all types of property from a large Victorian property split into 5 self-contained flats or purpose built block of apartments in a city centre. Creating your own management associations or limited company is becoming increasingly common for leaseholders to own the freehold of a block of flats jointly. In this case, it makes sense for the leaseholders to insure the block together.
Just like a standard home insurance policy building insurance for a block flats works in a similar way. Block of flats will be covered for all the main insured perils such as fire, flood, storm, malicious damage, accidental damage, theft, subsidence and even terrorism. The policy also covers legal expenses, loss of rent and alternative accommodation should you need to move out following an incident that makes the property uninhabitable. Property owners liability is generally covered as standard on most policies covering you in the event someone is injured on your property or something of value is damaged at the property. It is recommended that should always check your policy or speak to your broker to fully understand what is and what isn’t covered as not all policies are the same.
As a tenant or flat owner it is your responsibility to insure your own personal possessions. Your landlord or the managing agent will normally take care of the building insurance which will cover any damage to actual property and this is usually collected as part of your ground rent. Flat content’s insurance can cover your belongings for an insured event that leaves them damaged or lost – for example, escape of water from a leak, fire, flood or storm. The policy will also cover theft, malicious damage and accidental damage. Most contents policies will also include public liability insurance which will cover you should anyone get injured in your property or someone’s possessions get damaged in your property.
Terrorism insurance cover is normally an additional cover you can take out when you purchase a property owners insurance policy. It is not usually included as standard and in most cases you will need to purchase this as an add-on. Damage by terrorists is unlikely to be covered under a standard property insurance policy or block of flats insurance policy, therefore you would be unable to claim for any incident relating to an act of terror should the cover not be in force. While the likelihood of a terrorist incident is very low, the potential impact if you did not have the relevant cover in place would be extremely high. As a landlord or property management agent it is recommended that you speak to your insurance broker regarding the options available for terrorism cover. It is vitally important to ensure that as property management agents you are not found liable due to lack of cover in the event of a terrorist attack taking place on a block of flats you are responsible for. It is also worth bearing in mind that as some mortgage providers and financial institutions will not lend on a flat or provide finance unless terrorism cover is in force.
Yes it is possible to can get buildings insurance cover for an individual flat or apartment, however we do not typically recommend it as this can cause problems if there is a claim coving more than one flat. It is normally standard practice for freeholder of the property to cover all the flats under one building insurance policy or block of flats policy. It is generally agreed that as a flat owner it is better practice to insure your flat as part of a block. This will ensure that all flats are insured correctly and in the event of incident such as storm damage or a flood all the individual property owners can claim off one policy and deal with just one insurer. The cost of the insurance can then be simply be spread amongst the individual flat owner’s. In these circumstances it is common practice to form a residential management association or limited company to oversee all shared aspects of the property including the procurement of the insurance . We would recommend that you seek legal advice to create a management association and speak to your local solicitor. With all this said if still want to insure a flat on an individual basis it is possible and we would be more than happy to help you.
In short yes you do. As a flat or apartment owner it is important you insure your own landlords contents in case of damage or theft. The tenant will be responsible for their own personal possessions but anything you have provided for the flat such curtains, carpets or furniture needs to be insured under a landlords contents insurance policy. Also, as a landlord you will need to have property owners liability insurance which will cover you should your tenant suffer an injury that is deemed your responsibility such as faulty electrics or a loose floor board. Property owners liability is in many cases included as standard on a landlords policy but it is worth checking with your insurance broker as policies do differ from company to company. The buildings insurance for the flat will more than likely be covered on a block policy by the freeholder or ground landlord.