Do you need a Flat Insurance in London?

If you own a home, you are in need of a building insurance cover in case your building gets accidentally damaged and needs repair. In most cases, it's actually the condition of your mortgage and it's the responsibility of the landlord of taking the cover and not the tenants. Things are not very much different if you own a freehold flat, the building might be insured by the landlord who owns the freehold. It’s the responsibility of your solicitor to advise you if your means that you are supposed to take the insurance cover. If the flat that you live in, leaseholders have clubbed together in order to buy a share of the freehold from the landlord then one is advised to buy a building cover. You can do this as an individual but it's so much simpler and cheaper if you get together with other people in the other flats and take out a block of flats policy that will protect you from any type of risks. Below are the features of a good flat insurance in London:

1. The sum insured 

This must be enough money to rebuild the flats do the previous condition it was before the accident took place. The money should be enough to cover all the expenses required to bring back the flats to the original state if it were totally destroyed by fire or floods for example.

2. Index-linked sum insured

It's important to note that the cost of building houses has increased over the years and keeps on increasing every day. This is as a result of inflation. Protecting or index-linking your sum-insured simply eliminates the risks of being under insured.

3. Alternative Accommodation

This feature in the insurance covers all the expenses that one incurs when staying in another place such as a rented house or an apartment while your house is being repaired following a major damage to your property such as fire or floods.

4. Public liability

This is a type of insurance which covers you from any legal disputes which might arise following disagreements between different parties on matters concerning the flats. It will cover you for the costs of being sued if any other party is injured, their property is damaged or they die in the worst case scenario.

5. Glass and sanitary breakage 

This policy will cover your property for replacing windows, glass in doors, toilets and even wash basin in the event where they get broken. They will repair the old existing one or just buy and install a new one.

6. Underground services

The building insurance should this type of additional feature that will cover you for the underground pipes and water cables which bring out water, gas and even electricity to your property and keeps sewage away from the house. It should cover you from the cost of repairing the burst pipes or even help you with the cost of finding a leak and fixing it if it happens to your house.

You should carefully choose an flat insurance in London that would best suit your needs and seek an expert guidance to help you through the whole process.

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