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Flat-Living.co.uk Insurance

Insurance:

are you covered?

Is your insurance policy adequate for the needs of your block? Before the worst happens and you need to make a claim, Flat Living’s essential guide to insurance will help you check that you have the right cover in place.

competitive price as well as comprehensive protection for lease- holders’ property can be quite a challenge.

First, it is important to ensure that your Building Sum Insured is adequate and that the cover you obtain is wide enough to protect the interests and investment of you and your fellow flat owners. Despite the current economic climate - with interest rates at an all-time low and property prices depressed - should disaster strike, don’t assume the cost of replacing your home has gone down. Building material and labour costs continue to rise and it is vital to ensure that you

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esidents Management Company (RMC) directors and committee members often take on the task of arranging buildings insurance on behalf of their fel- low residents. Ensuring your block is adequately covered is a major responsibility – and ensuring a

take out insurance based on an up-to-date reinstatement valuation. Re-valuations should be carried out at least every five years, by a chartered valuation surveyor, and will take into account any changes or improvements made to the property since the level of cover was first set. Many people wrongly assume that, if the cost of repairing their property under a claim is less than the sum insured, it will automatically be paid. This is not true: payouts are based on the level of cover being sufficient to reinstate the whole property. The second -and vitally important – thing to remember is that policies

are not all the same. The company offering the cheapest deal may not necessarily provide the level of cover you need. So before you take out any policy, check that it includes the following:

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