Block of Flats Buildings Insurance

Every block of apartments insurance brochure tells you that the policy will protect your flat and your personal belongings from unfortunate incidents such as flood, earthquake, storm, broken pipe and etc. However, flat insurance can include different coverage and general terms. For instance, if you are a tenant, you might not need a building insurance. Instead, having contents insurance is essentially important for you. However, if you are landlord, building insurance is a must for you. In this blog post, let’s focus on needs of people who have just rented the flat and wondering what kind of insurance they need.  Difference Between Building Insurance and Contents Insurance ·          Building insurance- general term used to describe the policy that covers permanent fixtures, kitchens bathrooms and sometimes outside building, such as garage. ·          Contents Insurance – describes insura...

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...