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Converted Flat Insurance
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Many tenant types acceptable
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Up to £20K free contents cover available
25% multi building discount available
Up to 13 weeks cover for vacant properties
With the housing demand in urban British areas seemingly as high as ever, it's no surprise that converting buildings into flats remains a popular and effective way of supplying new homes. But besides getting the design right, ensuring contractors are on time and marketing it, there is always the prospect of getting the right cover. Insurance for converted flats can come from specialist companies which can arrange straightforward and effective cover easily.
This normally includes buildings insurance which will protect against the typical risks which are a threat to any normal property. Note that tenants will need to sort out their own individual contents insurance - but it is possible to get protection for communal contents which you might be responsible for, such as carpets, tables and chairs.
Also, if the building includes a lift, there is a statutory requirement that you protect it for a minimum of inspection only cover. Normally referred to as Engineering Insurance cover, this involves an expert coming on a regular basis to ensure the lift is safe - they will provide you with a report and this can be passed on to a maintenance firm if work is needed. Normally it is possible to get extra protection so significant repair work to the lift in the event of damage can be covered.
This kind of specialised landlord insurance may also include extra protection if properties within a block are left empty for a long period. This is different to the typical conditions on a domestic home insurance policy. Usually a domestic deal only allows the house to be empty for a set period of time, perhaps 30 or 60 days, before the insurance might become invalid. The insured period for empty flats will typically be much longer on this type of insurance.
This is an important consideration because property which is left empty for a long period is arguably more vulnerable to damage from fire or flood, as a serious incident is more likely to go unnoticed for a period of time. Likewise an empty block of flats may be more vulnerable to thieves or to vandalism.
Sometimes a block of flats will include shared bathrooms or communal facilities, and insurance for converted flats can include protection for these too. Your insurance can also provide a considerable amount of protection for when the conversion is actually being undertaken. This can include employers’ liability insurance for contractors working on site, and public liability cover in case anybody is injured on your site after straying over its boundary.
Legal protection can also be included as converting a building, particularly an older structure, can be fraught with obstacles. Planning permission may be complicated and disputes may arise with the local authorities or with adjoining property owners. An insurance policy can even include protection for your legal bills up to a set limit.
Insurance for converted flats is therefore perhaps one of the safest ways of guarding against all the common risks related to putting work and effort into developing an older building into a brand new range of ready-to-rent properties.