What is block of flats insurance?
As a freeholder, a leaseholder, or a property management company, insuring your property is paramount. Block of flats insurance – or block insurance – works by covering buildings containing multiple flats in one location.
Landlords and property owners have a requirement to insure their buildings while covering the risks associated with tenants. Block of flats insurance protects both.
Our block insurance offers solutions for both residential and commercial use of flats. You can also cover blocks of flats as part of a more extensive portfolio, spanning different property types and uses.
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What does buildings insurance for flats cover?
Block of flats insurance covers physical buildings against perils including accidental damage, fire, theft, flood, water or storm damage.
Outbuildings – such as garages and sheds, communal grounds, and gardens – can also form part of your buildings cover.
Other considerations for buildings insurance include:
- Heating and water systems
- Trace and access cover, to find and repair leaks in service pipework
- Communal contents cover, including carpets, fixtures and fittings in shared areas
- Single excess per incident – to avoid having to pay multiple excesses for damage to individual flats relating to one incident
- Unoccupied property – covering periods of unoccupancy in flats
- Employers’ liability and public liability – to cover claims from employees and members of the public
Cover is available for all the above risks under buildings insurance for a block of flats.
Who needs block of flats insurance?
It is generally the responsibility of the landlord to insure the buildings for a block of flats.
If you own the freehold of the block, then it is sensible to insure the buildings for all the flats in the block. You can include the cost of doing this in the service charges to the tenants.
In doing so, you provide more extensive protection for everybody, rather than relying on tenants to insure the buildings for their flats. It also reassures you and your tenants that the whole building is insured in the event of an incident.
While individual leaseholders who own their flat can take out buildings cover, it is not generally recommended. Buildings insurance may be a condition of their lease, but it will typically be provided by the freeholder (for the reasons stated above).
It is becoming increasingly common, however, 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.
If you are unsure of the insurance cover you need, we can offer advice. Get in touch with our team for more information.
What types of flats can you cover?
All types of property can be covered:
- Converted houses
- Converted warehouses
- Purpose-built blocks
- Mill conversions
- Standard construction
- Non-standard construction
- Commercial business premises
Cover available may vary depending on the property type and additional factors. Buildings will be individually considered by insurers.
How much does block of flats insurance cost?
Because we cover blocks of all sizes and different types, the cost of insurance can vary considerably.
Factors that can influence price include:
- The location of the block of flats.
- The type of building.
- The uses of the property.
- The number of flats.
- The number of storeys/floors.
Each quote is calculated individually for block of flats insurance. However, in some cases, it is possible to save money by insuring a block of flats as part of a broader property portfolio.
If you request a quote from us, we’ll search our panel of insurers to find the best deal we can offer.
Why choose Bollington for property insurance?
- Access to a range of quality insurers.
- Residential and commercial use of flats covered.
- Flats of all types and sizes considered.
- Cover multiple properties with one policy.
- We have more than 45 years of industry experience and specialist property insurance knowledge.
- Access to our insurance scheme with Holava, including exclusive benefits.
Frequently Asked Questions
What constitutes a block of flats?A block of flats could be anything from a single home converted into individual flats through to purpose-built blocks several stories high. In all cases, landlords and property owners will require buildings cover, which Bollington can help to arrange through our panel of insurers.
Can I buy cover for more than one block of flats?Yes, it’s possible to add more than one block of flats to a single property owners’ policy. As all types and sizes of blocks of flats can be covered, please speak to us about your requirements. We can find the best insurer from our panel to meet your needs.
If I own multiple properties, can I combine them in one insurance policy?Yes. This can help to simplify your insurance arrangements, allowing you to pay one premium to insure multiple properties. It can be difficult managing several different properties at once, so you’ll want your insurance arrangements to be both comprehensive and straightforward. Bollington offers access to a range of insurers, allowing you to add multiple properties to one policy. You will also receive access to our exclusive offering with Holava Underwriting, which means you can cover residential and commercial property in one policy. What’s more, if the property is occupied again, there’s no need to change the policy with Holava – we’ll keep you covered, while often reducing the premium cost.
Is there a limit on the number of flats in a block?This depends on the insurer. Please get in touch with us and we will look at the property you wish to insure on an individual basis.
Can I get buildings insurance for an individual flat?Yes, you can get buildings cover for an individual flat, but we don’t typically recommend it. The freeholder is better off covering all buildings in the block to make sure all flats are insured and costs are spread across tenants.
Can you insure listed building flats?Yes, Bollington can look to insure listed buildings, dependent on insurer criteria.
What insurance do you need for a leasehold flat or apartment?If you own the leasehold on a flat or apartment, you will need to consider your contents insurance. Buildings insurance is usually a requirement of your leasehold, but will generally be provided by the freeholder of the block of flats. Check with the freeholder if you need clarification.
What is common buildings insurance?Common buildings insurance is another term for block of flats building insurance. It covers the buildings under common ownership.
What other risks should I consider when insuring my block of flats?Following tragic events in blocks of flats in recent years, it’s never been more critical to comply with Health and Safety regulations. Bollington have a specialist risk management team who can help with Fire Risk Assessments and bespoke risk management. Contact them on 0161 929 1851 for further information.