Block & leasehold insurance
Book Block & leasehold insuranceThis type of insurance is vital for protecting the physical structure of a block of flats, including communal areas and the exterior. It safeguards against damages from perils like fire, flood, or subsidence, and usually includes public liability.
When do you need a Block & leasehold insurance?
This insurance is a mandatory requirement for all blocks of flats, typically arranged annually by the freeholder, management company, or residents' association. Leaseholders contribute to the premium through service charges.
What happens on the day
There is no 'on the day' element. Insurance brokers gather information about the property remotely to find suitable policies. This involves assessing the building's value, construction, claims history, and number of units.
How to prepare
- Provide details of the property's construction type (e.g., brick, timber frame).
- Confirm the total number of flats and storeys in the block.
- Supply the estimated rebuild value of the entire block.
- Share any recent claims history for the property.
How to improve your result
- Regularly review your policy to ensure adequate cover for inflation.
- Maintain the property well to reduce the risk of claims.
- Consider additional covers like terrorism or legal expenses if appropriate.
Why it is useful day to day
Having robust block insurance protects all leaseholders' investments by covering major repairs and liabilities, offering financial security and peace of mind.
Why we ask these questions
We ask about the number of flats and construction type to accurately assess risk and provide competitive quotes. Knowing the rebuild cost is crucial for adequate sums insured.