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Buildings Insurance for Flats
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Cover for all types of flats
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Up to 13 weeks cover for vacant properties
Buildings insurance for flats
Are you the owner and landlord of a flat or block of flats?
If so, you are likely to have invested a considerable sum in the purchase of the property and want to protect that investment in the most financially secure way possible – with purpose designed buildings insurance for flats.
Why do you need buildings insurance for flats?
Building insurance is common enough. After all, it is typically at the heart of any home insurance policy for the owner occupier.
If you are the landlord of the property, however, standard home insurance is inappropriate and instead needs buildings insurance specifically designed for the landlord of let property. When any property is let to tenants, insurers take a different view of the risks associated with what is effectively a business asset and require landlord’s insurance accordingly.
If you own the lease of a flat, a number of flats or an entire block of flats, you are likely to find that the freeholder includes the cost of buildings insurance in the annual ground rent and management charges you pay. It is important to establish that this is the case.
If you are a leaseholder, it is also important to ensure that any buildings insurance to which you are contributing also covers the risks involved in letting the premises to tenants.
In still other cases, leaseholders may have come together to purchase shares in the freehold of the property, with each one arranging a proportion of the necessary buildings insurance or collectively arranging cover for the whole block of flats.
What you need to know when buying cover
As when you are arranging any type of buildings insurance, the cover for a flat or number of flats needs to reflect the cost of rebuilding the premises in the worst case scenario of a total loss. The calculation of those costs might prove a challenge, and we are happy to point you in the direction of the appropriate professional help for this exercise.
If there is a major incident and the flat you own becomes impossible or unfit for continued use by your tenants, you clearly stand to suffer a loss of rental income as the landlord.
In that event, you need to know what amount of compensation to which you are entitled for such a loss of rental income. Amounts may be set up to a maximum fixed amount, or, more usually, expressed as a percentage of the income you customarily receive.
Why choose us?
At UKinsuranceNET, we recognise that no two flats may be the same. From converted houses to purpose built blocks, we are able to arrange buildings insurance for them all.
By the same token, we recognise that there are all types of tenant, too – from professional and working individuals, to students, asylum seekers and benefits claimants. Once again, we are able to arrange cover whatever the background of your tenants.