Block of Flats Buildings Insurance

Do you live in a block of flats or an apartment block? Does your property have a lift? If you have said yes to the above two questions then you need insurance for the lift in order to protect yourself and your family from any risks that might occur when using the lift to access your property. It is a legal requirement for lifts to be inspected by competent professionals. Lifts would include passenger lifts, hoists for window cleaning and winches fixed to the roof of the property. The standard requirements are that the lift is supposed to be inspected in every six months.  A record is then kept on the efficiency and safety of the lift and a certificate can also be issued. A lift might have maintenance agreement in place; this agreement may not include the statutory inspection requirement. It’s an important requirement that an independent lift engineer gets to inspect the efficiency of the lift. A certificate of inspection is hand when the engineer is satisfied by the c...

In a multi unit development, the units are essentially insured in a policy which is commonly known as the apartment block policy. All the apartment owners and their lending institutions are noted to be the interested party in this type of insurance. The management company pays the insurance premiums annually which are collected as the service charged as part of the service charges. It ’ s very important that an accurate building sum insured or the reinstatement valuation is calculated by a qualified surveyor and evaluated at least once in every two years. Claim limits or exclusions of some feature might apply in some cases. The policy is separate from the landlord ’ s private content and the public liability insurance which is associated to the internal of their private units. A landlord is advised to ask for a copy of their block insurance annually from their managing agents in order to be updated on any changes that might have taken place. The following are the most common feature...

If you own, manage or are a resident in a block of flats, residential or tenement apartment block, you will need specialist insurance because regular buildings insurance strategy will not give the level of cover that is required to ensure complete protection.   Blocks of flats insurance ,  also known as block insurance, is a specialized insurance for blocks of apartments and flats that are built or converted. They are designed for diverse property types, including houses transformed into a large purpose built blocks and units.  If you own, manage or either you are a leaseholder, freeholder, or management company in a converted residential property or block of flats, then block insurance is the preferred choice of an insurance policy. The cover provided by regular systems will not frequently offer the specialist cover required for full protection and peace of mind. If you have a flat in a block, there are usually three insurance alternatives available.  ...

Block insurance provides freeholders of a block of flats with peace of mind that they’ll be in a position to cope financially in the event of an unanticipated problem that affects their building. However, it is necessary to remember that even the very best insurance policy might not cover you against all eventualities that may occur. The insurance coverage will not cover certain problems and circumstances. Maintenance related issues are key amongst these. Even with an insurance policy, freeholders and landlords still need to ensure that their property is maintained to a reasonable standard. Here are five common problems freeholders and flats owners may face that are unlikely to be covered by insurance for block s  of flats . Frost Damage Frost damage is typically classified as a maintenance issue, making it unlikely to be covered by your insurance for a block of flats policy. It is the responsibility of the owner to maintain their property to a reasonable standard, a...