There are a number of variables in the ownership of a flat that makes insurance somewhat trickier and involved than many other types of property insurance. Flats, for example, may be:
Each variable has an impact of the kind of flat insurance you may need and, since it may prove a challenge to determine just what kind that is, here at UKinsuranceNET we make it our business to offer the advice you need and arrange the insurance appropriate to those needs.
Whether you have bought the lease or freehold to your flat, it is likely to represent a significant financial investment and one which you need to safeguard. Flat insurance offers probably the best way of doing just that.
The structure and fabric of the building which houses your flat needs to be protected against such diverse risks as fire, storm damage, smoke damage, escape of water, impacts, vandalism and theft. Flat insurance may also extend to any contents you own.
As the property owner, you also have a duty of care towards neighbours, visitors and members of the public who may suffer an injury or have their property damage as a result of contact with the flat you own. Claims arising from your alleged breach of that duty of care may assume very considerable proportions and the public liability cover typically included in flat insurance may be at least £1 million.
If your flat is let to tenants, this duty of care is all the more important and landlord liability insurance is necessary to safeguard you against claims from any tenant or visitor who is injured or has their property damaged as a result of your alleged negligence.
If the flat is let to tenants your flat insurance may also include provision for the loss of rental income you suffer following an insured risk which leaves the accommodation temporarily uninhabitable.
If you own the lease of the flat, insurance is typically arranged by the freeholder and a proportion of the costs included in your payment of annual charges.
You need to know whether that is the case and, if so, the extent of insurance arranged on your behalf by the freeholder. You need to know what is covered and what is excluded under the terms of any such insurance.
If your flat is let to tenants, it is imperative that you check the terms of the building’s insurance to make certain that letting is permitted.
It is pretty clear, therefore, that flats come in all shapes, sizes, and forms of tenure. At UKinsuranceNET we have expertise and experience in arrange insurance for them all
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