As the owner of a block of flats, it might feel like the list of responsibilities and queries to be resolved in endless. Specialist source of insurance, Deacon Insurance, acknowledges that the organisation of block of flats building insurance is a big responsibility and infinitely more involved than the standard procedures that come with arrange standard insurance for the average property. The prospect of having to find the right cover, deal with the arrangement of the policy, reading the forms and small print, and the hassle of making a claim can feel overwhelming and daunting. This is where expert companies can help, by dealing with your property on an individual basis and finding a policy that will best suit your needs. This will give you the peace of mind in knowing that when anything disastrous occurs you have a comprehensive policy behind you to get you through.
Why Finding the Right Insurance Policy is so Important
A policy for a block of flats providers property owners with protection, from purpose build blocks to converted listed buildings. Most outstandingly, having the correct policy can help to provide the funded needed in the event of damage that requires repairs to be made. If the worst happens, it can even help to cover the cost to rebuild it in the event of a total loss. If your property benefits from outside space involving landscaping, garden, or outbuildings, you can even find a policy that will cover these elements too.
As soon as a property contains two or more flats or apartments, it is classified as a block when it comes to insurance. When looking through the various options for block of flats, there are few key features of the cover that you need to look out and expect. While every policy will need to be different to cover the specific risks of each property, here are just a few to look out for to get you started:
- Cover that offers protection against inflation of up to 50%.
- Cover against damage from a variety of things, like accidents, fire, water, floods, storms, or theft.
- Cover for communal areas and contents such as elevators and fitted carpets.
- Cover for replacement keys including those needed to access communal areas.
- Cover to provide alternative accommodation for the flat’s occupants in the case of an evacuation.
- Cover for any loss of rent due to events beyond your control.
As you can see it’s very important to find the right policy for you and your property. However, as you start to look for the right cover, you’ll come to see just how expensive that can be. Unfortunately, these prices are only going up, even for well experienced leaseholders. So, what can you do to make an insurance policy cost more manageable?
Tips for Reducing Your Insurance
Don’t be tempted to reduce your cover to reduce your costs – that’s a compromise that won’t work out in your favour when you’re left out of pocket after an accident. However, there are things you can do get the best deal. Here’s four tips:
- Perform a routine maintenance check regularly. This way you’ll reduce the possibility of filing a claim in the future so that will lower your premium.
- Don’t go for the first deal you see, shop around and compare quotes. Employ the help of a broker or independent agent to help.
- Try and get a bargain! There are savings to be made by looking for discounts and bundles. Sometimes you can get a discount on the phone that you wouldn’t online.
- Keep the insurance agent up to date with any changes to your property. Renovations will impact the value of your home and thus affect the coverage amount.